---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-212050"
form_type: "8-K"
ticker: "MERC"
cik: "0001333274"
company_name: "MERCER INTERNATIONAL INC."
filed_at: "2026-05-07T23:59:59+00:00"
generated_at: "2026-05-14T21:27:56.350242+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-212050
- form_type: 8-K
- ticker: MERC
- cik: 0001333274
- company_name: MERCER INTERNATIONAL INC.
- filed_at: 2026-05-07T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1333274/000119312526212050/0001193125-26-212050-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1333274/000119312526212050/d102731d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-212050
- JSON: https://secwatch.observer/filing/0001193125-26-212050.json
- Plain text: https://secwatch.observer/filing/0001193125-26-212050.txt

## Source-grounded claims
- claim_id: 1052d777f691d98a163153d82a959d75168af06c
  claim: MERCER INTERNATIONAL INC. amended Waiver and Consent Request Letter with UniCredit Bank GmbH, as agent (effective 2026-05-04).
  evidence_excerpt: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1333274/000119312526212050/0001193125-26-212050-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.