Clearwater Paper has refinanced its senior notes due in 2028 and replaced its existing credit facilities with a new $275 million term loan and $200 million revolving credit facility, extending its debt maturities to 2031.
The Spokane, Washington-based paperboard producer entered into the amended and restated credit agreement on September 18 with AgWest Farm Credit, PCA, acting as administrative agent for a syndicate of lenders.
The new financing consists of a $275 million term loan, which was fully funded at closing, and a $200 million revolving credit facility. Approximately $15 million was outstanding under the revolver at closing.
The revolving facility also provides Clearwater Paper with an uncommitted option to increase its borrowing capacity by up to $100 million. The additional capacity is subject to lender participation, delivery of the company’s 2027 year-end financial statements and other customary conditions.
Proceeds from the refinancing were used to repay and terminate Clearwater Paper’s existing asset-based lending facility and to fund the redemption of its outstanding $275 million senior notes due in 2028.
The new credit agreement matures on September 18, 2031, extending the company’s long-term debt maturity profile by approximately three years.
“This refinancing extends our debt maturities and provides greater certainty as we execute our long-term strategy,” said Arsen Kitch, president and CEO of Clearwater Paper. He added that the new capital structure is intended to support the company’s business and capital allocation priorities.
The refinancing comes as Clearwater Paper continues to focus on its paperboard operations and balance sheet. In its second-quarter results, the company reported reducing net debt by $59 million during the quarter and by $50 million during the first half of 2026.
Clearwater Paper is an independent supplier of paperboard packaging products to North American converters. Headquartered in Spokane, Washington, the company produces paperboard for consumer goods and foodservice packaging applications.
