Clearwater Paper Corp. (NYSE: CLW) announced on Sept. 18 that it has refinanced its indebtedness and extended its debt maturity profile to September 2031, up from the previous 2028 maturity date.
Under the new credit agreement, the Spokane, Washington–based paperboard producer established a $200 million revolving credit facility, of which approximately $15 million was outstanding at closing. The revolving facility includes an uncommitted $100 million increase option, subject to lender participation, delivery of the company’s 2027 year-end financial statements and other customary conditions.
Clearwater Paper also secured a $275 million term loan facility, which was fully funded at closing. AgWest Farm Credit, PCA served as administrative agent alongside a syndicate of lenders.
The company said it used the proceeds from the new credit agreement to pay off and terminate its existing asset-based lending credit facility and to redeem its outstanding $275 million senior notes due 2028.
Arsen Kitch, president and CEO, said the refinancing "extends our debt maturities and provides greater certainty as we execute our long-term strategy."
Clearwater Paper supplies paperboard packaging products to North American converters, producing paperboard for consumer goods and food service applications.
