Mativ amends credit facility to permit sale of Engineered Papers business to Evergreen Hill

Mativ Holdings, Inc.

Seventh Amendment to $1.793B credit agreement effective Sept 19, 2023, clears way for Engineered Papers sale.
Maximum net debt to EBITDA covenant: 4.75x for Q3 2023; 4.50x for Q4 2023 (post-closing) and thereafter.
Net cash proceeds from the sale must be used to prepay Term Loans under the credit agreement.
Amendment required consent from Required Lenders and Required TLA/DDTL/RC Lenders; other material terms unchanged.
Transaction remains subject to other closing conditions; no change to previously announced sale terms.

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

Mativ Holdings, Inc. amended Seventh Amendment to the Multicurrency Credit Agreement with Evergreen Hill Enterprise Pte. Ltd. valued at $1.793 billion multicurrency credit agreement (effective 2023-09-19).

Action: amendment
Agreement: credit facility
Counterparty: Evergreen Hill Enterprise Pte. Ltd.
Value: $1.793 billion multicurrency credit agreement
Effective: 2023-09-19

Exact text from the filing

On September 29, 2023, Mativ Holdings, Inc. ("Mativ") announced it had entered into the Seventh Amendment (the "Amendment") to Mativ's $1.793 billion multicurrency credit agreement, dated as of September 25, 2018 (the "Prior Agreement", and the Prior Agreement as amended by the Amendment, the "Amended Credit Agreement").

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Source: SEC EDGAR

accession 0001193125-23-246522

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