Clearwater Paper refinances with $200M revolver and $275M term loan, schedules 2028 notes redemption

Clearwater Paper has closed a new revolving credit facility and term loan that extend its debt maturity profile to 2031 and will fund the redemption of its $275 million of 4.750% senior notes due 2028. The company reported the refinancing in a Form 8-K and press release dated September 21, 2026, after a Refinancing Date of September 18.

Clearwater Paper has refinanced its nearer-term credit stack and scheduled the redemption of its 2028 senior notes, replacing prior facilities with a new revolving credit line and term loan that mature in 2031. The company disclosed the package in a Form 8-K and an accompanying press release.

The refinancing

On September 18, 2026 — the Refinancing Date in the filing — Clearwater Paper entered a Second Amended and Restated Credit Agreement with AgWest Farm Credit, PCA, as administrative agent, and a syndicate of lenders. The new facilities replace both the company’s prior term revolver under a May 1, 2024 credit agreement and its ABL revolving facility under a July 26, 2019 ABL agreement with JPMorgan Chase Bank, N.A. as administrative agent. The ABL facility was paid in full and terminated when the new credit agreement closed.

The credit package has two main pieces. A revolving loan facility provides $200 million of capacity, with about $15 million drawn after giving effect to closing on the Refinancing Date. Up to $10 million of that revolving facility may be used for letters of credit. A term loan facility provides $275 million of principal and was fully drawn on the Refinancing Date.

After Clearwater delivers financial statements for the fiscal year ending December 31, 2027, it may seek to increase revolving commitments by up to $100 million, subject to lender participation and other Credit Agreement conditions. The credit agreement matures, and revolving lending obligations terminate, on September 18, 2031.

Use of proceeds and 2028 notes

Borrowings on the Refinancing Date were used to fund the redemption in full of $275 million aggregate principal amount of Clearwater’s 4.750% Senior Notes due 2028, to pay off and terminate the ABL facility, and to pay related fees and expenses. The Form 8-K states that the company notified holders of its election to redeem those notes on October 3, 2026 — the Redemption Date — under the August 18, 2020 indenture with U.S. Bank National Association as trustee. The refinancing date and the notes’ redemption date are therefore not the same day.

Obligations under the new credit agreement are secured by liens on substantially all personal property assets of the company and its domestic guarantor subsidiaries. After certain post-closing conditions, the collateral is also expected to include material real property, including mills in Georgia, Arkansas, and Idaho.

Company framing

In the Exhibit 99.1 release dated September 21, 2026, Chief Executive Arsen Kitch said the refinancing “extends our debt maturities and provides greater certainty as we execute our long-term strategy,” and noted support from Farm Credit System partners. That characterization is the company’s; the filing does not quantify interest-cost savings, leverage targets, or rating-agency outcomes.

Clearwater describes itself as a premier independent supplier of paperboard packaging products to North American converters, headquartered in Spokane, Washington.