Clearwater Paper announced the successful refinancing of its senior notes due in 2028, along with the refinancing of its existing term revolver credit facility and ABL revolving credit facility. The existing notes and credit facilities have been replaced with a new term loan and revolving credit facility, extending the company’s debt maturities.
On September 18, 2026, Clearwater Paper entered into an amended and restated credit agreement with AgWest Farm Credit, PCA, as administrative agent, and a syndicate of lenders. The new financing package includes a $200 million revolving credit facility, with approximately $15 million outstanding at closing, and a $275 million term loan facility that was fully funded at closing. The revolving credit facility also includes an uncommitted $100 million increase option available subject to lender participation, delivery of Clearwater Paper’s 2027 year-end financial statements, and other customary conditions.
Borrowings under the new credit agreement were used to pay off and terminate the existing ABL credit facility and to redeem Clearwater Paper’s outstanding $275 million senior notes due 2028 in full. The new credit agreement matures in five years, on September 18, 2031, extending Clearwater Paper’s long-term debt maturity profile.
Clearwater Paper is a supplier of paperboard packaging products to North American converters, headquartered in Spokane, Washington.
KEY QUOTE:
“This refinancing extends our debt maturities and provides greater certainty as we execute our long-term strategy. We appreciate the support of our Farm Credit System partners and believe the new capital structure gives Clearwater Paper a stable foundation for continued execution of our business and capital allocation priorities.”
Arsen Kitch, President and CEO, Clearwater Paper
