International Paper amends $1.5B credit facility to $1.4B, extends maturity to 2028, transitions to SOFR

INTERNATIONAL PAPER CO /NEW/

Facility reduced from $1.5B to $1.4B; maturity extended from June 2026 to June 2028.
LIBOR replaced with SOFR-based rates (Adjusted Daily Simple SOFR or Adjusted Term SOFR Rate).
Borrowings bear interest at ABR or Adjusted Term SOFR plus Applicable Rate based on credit ratings.
Customary affirmative and negative covenants and events of default, similar to prior agreement.
JPMorgan Chase remains administrative agent; Citibank as syndication agent.

Key facts

Extracted from this filing and checked against the source text.

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

INTERNATIONAL PAPER CO /NEW/ amended Revolving Credit Agreement with a syndicate of banks and other financial institutions and JPMorgan Chase Bank, N.A., as administrative agent valued at $1.4 billion (effective 2023-06-07).

Action: amendment
Agreement: credit facility
Counterparty: a syndicate of banks and other financial institutions and JPMorgan Chase Bank, N.A., as administrative agent
Value: $1.4 billion
Effective: 2023-06-07

Exact text from the filing

On June 7, 2023, International Paper Company (the "Company") amended and restated its $1.5 billion Second Amended and Restated 5-Year Credit Agreement (as amended and restated, the "Revolving Credit Agreement"), dated as of June 17, 2021, with a syndicate of banks and other financial institutions and JPMorgan Chase Bank, N.A., as administrative agent (the "Administrative Agent") to, among other things, (i) extend the maturity date from June 17, 2026 to June 7, 2028, (ii) reduce the size of the facility from $1.5 billion to $1.4 billion

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Source: SEC EDGAR

accession 0001193125-23-162517

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