---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-396048"
form_type: "8-K"
ticker: "CLW"
cik: "0001441236"
company_name: "Clearwater Paper Corp"
filed_at: "2026-09-21T10:52:51+00:00"
generated_at: "2026-09-21T10:55:15.716819+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-396048
- form_type: 8-K
- ticker: CLW
- cik: 0001441236
- company_name: Clearwater Paper Corp
- filed_at: 2026-09-21T10:52:51+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1441236/000119312526396048/0001193125-26-396048-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1441236/000119312526396048/d112859d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-396048
- JSON: https://secwatch.observer/filing/0001193125-26-396048.json
- Plain text: https://secwatch.observer/filing/0001193125-26-396048.txt

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