Clearwater Paper Corporation

Clearwater Paper Corporation disclosed in a September 21 filing that it signed a new credit agreement on September 18, comprising a fully drawn $275 million term loan and a $200 million revolving facility, with approximately $15 million drawn at closing and both facilities maturing on September 18, 2031. Proceeds funded the redemption of $275 million of notes due 2028 and repayment of the existing asset-based revolving facility, with funds deposited with the trustee discharging the notes' indenture and redemption scheduled for October 3. The initial borrowing rate is 8.25%, compared with the 2028 notes' 4.75% coupon, and the facilities are secured against most personal-property assets plus material real estate including mills in Georgia, Arkansas, and Idaho once post-closing conditions are satisfied. Annual term-loan principal payments of $5.5 million begin in December 2027, and an additional $100 million revolving increase option is uncommitted and available only after delivery of the 2027 year-end financial statements. Clearwater Paper reported first-half operating cash inflow of $69.5 million, improving from a $26.7 million outflow a year earlier, aided by $32.5 million of insurance recoveries, approximately $30 million of tax refunds, and inventory reductions.