secwatch.observer — SEC 8-K summary
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Issuer:     Clearwater Paper Corp (CLW)
CIK:        0001441236
Form:       8-K
Filed at:   2026-09-21T10:52:51+00:00
Accession:  0001193125-26-396048
Event type: debt
Sentiment:  positive
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1441236/000119312526396048/0001193125-26-396048-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1441236/000119312526396048/d112859d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-396048

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