---
schema_version: "secwatch.filing_event.v1"
accession: "0001504337-23-000035"
form_type: "8-K"
ticker: "CLW"
cik: "0001441236"
company_name: "Clearwater Paper Corp"
filed_at: "2023-10-27T23:59:59+00:00"
generated_at: "2026-06-09T06:53:14.569294+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Clearwater Paper refinances $270M 5.375% Notes due 2025 with new AgWest facility

## Summary
- 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.

## SEC filing metadata
- accession: 0001504337-23-000035
- form_type: 8-K
- ticker: CLW
- cik: 0001441236
- company_name: Clearwater Paper Corp
- filed_at: 2023-10-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1441236/000150433723000035/0001504337-23-000035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1441236/000150433723000035/clw-20231027.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001504337-23-000035
- JSON: https://secwatch.observer/filing/0001504337-23-000035.json
- Plain text: https://secwatch.observer/filing/0001504337-23-000035.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1441236/000150433723000035/0001504337-23-000035-index.htm

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