Clearwater Paper Corp (CLW): debt financing — Clearwater Paper refinances $270M 5.375% Notes due 2025 with new AgWest facility

Clearwater Paper Corp

Entered $270M revolving credit facility with AgWest Farm Credit; $150M drawn to partially fund redemption of 5.375% senior notes due 2025.
All $270M principal of 5.375% Senior Notes due 2025 to be redeemed Nov 27, 2023; expects redemption premium of $2.7M plus $4.7M accrued interest.
New borrowings bear interest at SOFR + 3.65%; initial $150M draw is a 1-year fixed-rate loan at 9.13%.
New facility matures Oct 27, 2028 or earlier 91 days before 4.750% 2028 Notes maturity, subject to liquidity test.
Obligations secured by substantially all personal property of the Company and domestic subsidiary guarantors.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Clearwater Paper Corp incurred credit facility of $270 million with AgWest Farm Credit, PCA at one-year fixed rate loan that will bear interest at an all-in interest rate of 9 maturing October 27, 2028.

Instrument: credit facility
Principal: $270 million
Counterparty: AgWest Farm Credit, PCA
Rate: one-year fixed rate loan that will bear interest at an all-in interest rate of 9
Maturity: October 27, 2028
Event: incurrence

Exact text from the filing

party thereto (the “PCA Credit Agreement”). The credit facility provided under the PCA Credit Agreement consists of a revolving term loan commitment initially in the amount of $270 million, $150 million of which was disbursed on the Closing Date in order to pay a portion of the price associated with the redemption of the outstanding Notes. The lending commitment

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Source: SEC EDGAR

accession 0001504337-23-000035

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