Sylvamo Corp (SLVM): debt financing — Sylvamo completes tender for 79.9% of 7% notes due 2029; adds $300M term loan

Sylvamo Corp

$359.5M principal of 7.000% Senior Notes due 2029 tendered (79.9% of outstanding) at $1,000/$1,000 par plus $30 early tender premium.
Total cost of tendered notes is $360.1M, financed via new $300M term loan A facility and revolver borrowings.
Second supplemental indenture eliminates substantially all restrictive covenants and certain defaults on the remaining notes.
Credit agreement amended to permit the repurchase and add $300M term loan A (SOFR+1.75%, 5-year maturity, quarterly 1.25% amortization).
Remaining notes may be tendered until March 21, 2023 at $970/$1,000 principal plus accrued interest.

item 1.01 item 2.03 item 3.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sylvamo Corp incurred term loan of $300.0 million with Bank of America, N.A. at Term SOFR plus 1.75% per annum maturing the fifth anniversary of the Amendment No. 2 effective date.

Instrument: term loan
Principal: $300.0 million
Counterparty: Bank of America, N.A.
Rate: Term SOFR plus 1.75% per annum
Maturity: the fifth anniversary of the Amendment No. 2 effective date
Event: incurrence

Exact text from the filing

Amendment No. 2 provides for a $300.0 million incremental term loan “A” facility (the “Term Loan A Facility”) to be borrowed under the Credit Agreement

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sylvamo Corp amended Credit Extension Amendment and Amendment No. 2 with Cobank, ACB valued at $300.0 million (effective 2023-03-09).

Action: amendment
Agreement: credit facility
Counterparty: Cobank, ACB
Value: $300.0 million
Effective: 2023-03-09

Exact text from the filing

On March 9, 2023, the Company entered into that certain Credit Extension Amendment and Amendment No. 2 (“Amendment No. 2”), by and among the Company, the guarantors party thereto, the lenders party thereto, Cobank, ACB, as the TLF Lead Arranger and the Administrative Agent (as defined below), which amends that certain Credit Agreement, dated as of September 13, 2021

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sylvamo Corp amended Second Supplemental Indenture with The Bank of New York Mellon Trust Company, N.A. (effective 2023-03-10).

Action: amendment
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Effective: 2023-03-10

Exact text from the filing

On March 10, 2023, Sylvamo Corporation (the “Company”) entered into a second supplemental indenture (the “Second Supplemental Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), to the indenture, dated as of September 3, 2021, as supplemented and amended to date (the “Indenture”), relating to the Company’s 7.000% Senior Notes due 2029

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10 debt financings filed in the last 30 days. Browse all debt financings →

Sylvamo Corp filing history →

Source: SEC EDGAR

accession 0001193125-23-067585

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