Mercer German units get covenant waivers on €370M revolver; tighter terms imposed

MERCER INTERNATIONAL INC.

Leverage ratio covenant waived for first three quarters of FY2026; compliance resumes Dec 31, 2026.
Drawings capped at €300M if leverage >2.00x; average liquidity ≥$30M (13-week rolling); capex ≤€60M in 2026.
Distributions to parent restricted; up to €15M allowed with Agent consent and conditions.
Loan Parties must grant security over assets ≥110% of drawn amount; interest margin set at 2.50%-4.25%.
New events of default include cross-default on 12.875% and 5.125% senior notes and Canadian revolver.

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

MERCER INTERNATIONAL INC. amended Waiver and Consent Request Letter with UniCredit Bank GmbH, as agent (effective 2026-05-04).

Action: amendment
Agreement: credit facility
Counterparty: UniCredit Bank GmbH, as agent
Effective: 2026-05-04

Exact text from the filing

Effective May 4, 2026, certain German subsidiaries (the “ Loan Parties ”) of Mercer International Inc. (the “ Company ”) entered into a Waiver and Consent Request Letter (the “ Waiver ”) with respect to that certain revolving facility agreement dated September 15, 2022

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MERCER INTERNATIONAL INC. filing history →

Source: SEC EDGAR

accession 0001193125-26-212050

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