Clearwater Paper Corp (CLW): M&A transaction — Clearwater Paper completes $1.06B sale of consumer products division to Sofidel

Clearwater Paper Corp

Closed sale of tissue business (Las Vegas, Elwood, Shelby, Lewiston assets) for ~$1.06B cash on Nov 1, 2024.
Net proceeds ~$844M after assumed debt, costs, taxes; used to repay $400M Farm Credit term loan, $270M term revolver, $90M commercial bank term loan, $90M ABL.
Pro forma continuing ops (pulp & paperboard) net sales $603M for H1 2024 vs. $1,082.6M total; net loss $44.4M.
Pro forma continuing ops Adjusted EBITDA $5.1M for H1 2024 (0.8% margin); FY23 Adj. EBITDA $122.0M (10.7% margin).
Retained Lewiston land/facilities; will lease to buyer; recorded deferred lease revenue ~$34M.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Clearwater Paper Corp completed a disposition involving Sofidel America Corp. for approximately $1.06 billion in cash (closed 2024-11-01).

Action: disposition
Counterparty: Sofidel America Corp.
Consideration: approximately $1.06 billion in cash
Closing: 2024-11-01

Exact text from the filing

Clearwater Paper Corporation (the “Company”) completed the sale of (i) all of the outstanding membership interests of Clearwater Paper Tissue, LLC, a Delaware limited liability company, which indirectly owns and/or leases the Company’s consumer product division facilities located in Las Vegas, Nevada, Elwood, Illinois, and Shelby, North Carolina; and (ii) all of the Company’s right, title and interest in and to certain assets and liabilities of the Company’s consumer product division facility located in Lewiston, Idaho, to Sofidel America Corp. (“Sofidel”) and its wholly owned subsidiary, for approximately $1.06 billion in cash (subject to adjustments for working capital, indebtedness, cash and transaction expenses).

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Clearwater Paper Corp filing history →

Source: SEC EDGAR

accession 0001504337-24-000047

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