Clearwater Paper Corp — Form 8-K
Filed September 21, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 28/100
What the filing says
Clearwater Paper Corporation (Delaware) amended and restated its credit agreement effective September 18, 2026 with AgWest Farm Credit, PCA as administrative agent. The facility comprises a $275 million term loan (annual amortization of $5.5 million starting December 1, 2027, maturity September 18, 2031) and a $200 million revolving credit facility with a $10 million letter of credit sublimit. Pricing is SOFR-based with a leverage-based pricing grid (Applicable Margin 2.50%–4.75% for loans). The agreement replaced the prior May 1, 2024 credit agreement and includes borrowing base collateral (accounts, inventory) and extensive covenants including financial maintenance ratios.
Why this rating
Refinancing of existing credit facility is routine; $475M combined commitments is material but represents standard debt maintenance for a ~$428M market-cap company. No material terms, rates, or amounts appear to have meaningfully changed versus prior agreement.
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