Clearwater Paper refinances $275M 2028 notes and ABL via new $475M credit deal

Clearwater Paper Corp

New $475M credit package: $200M revolver ($15M drawn) and $275M term loan, fully drawn; matures Sept 18, 2031.
Proceeds redeeming in full $275M of 4.750% Senior Notes due 2028 on Oct 3, 2026; $1.7M accrued interest paid.
Existing ABL Credit Agreement paid off and terminated; obligations discharged.
Interest: SOFR-based plus 2.50%-4.75% margin; initial rate 8.25% per annum; annual term-loan repayments of $5.5M start Dec 1, 2027.
Covenants: Debt Service Coverage Ratio min 2.65 (through Jun 2027) rising to 3.00; current ratio min 1.75; $100M revolver increase option after 2027 statements.

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