Clearwater Paper Refinances $275M Notes, Secures $475M Credit Package
CLW sits 78% above its 52-week low of $11.73.
Summary
Clearwater Paper refinanced its entire debt structure with a new $475 million credit facility, redeeming $275 million of 2028 notes and extending maturities to 2031 at a higher interest rate.
Key Events · Financing and Capital Events · CLW
-
Debt Refinancing Completed
Entered into a Second Amended and Restated Credit Agreement on September 18, 2026, providing a $200M revolving facility and a $275M term loan, replacing the existing term revolver and ABL facilities.
-
2028 Notes Redeemed in Full
Used proceeds to irrevocably deposit funds for the full redemption of $275M of 4.750% Senior Notes due 2028, with redemption scheduled for October 3, 2026, plus $1.7M of accrued interest.
-
Higher Cost of Capital
Initial interest rate on the new facilities is 8.25% per annum, versus the 4.75% coupon on the redeemed notes — a 350 basis point increase reflecting the company's weakened credit profile after its Q2 loss.
-
Maturity Extended to 2031
New credit agreement matures September 18, 2031, extending the company's debt maturity profile by three years beyond the 2028 notes.
Analysis · CLW · Manufacturing
Clearwater Paper replaced its entire debt stack with a new $475 million credit package from AgWest Farm Credit and a syndicate of lenders. The deal redeems the $275 million 2028 notes, terminates the old ABL facility, and pushes maturities out to 2031. The initial 8.25% interest rate is notably higher than the 4.75% coupon on the notes being redeemed, reflecting the company's weakened credit profile after a $21.5 million Q2 loss. The new covenants — a debt service coverage ratio stepping up to 3.0x and a 1.75x current ratio — give lenders tighter control over a business that just posted a wider-than-expected loss. This is a survival-and-extend transaction: it removes near-term refinancing risk but at a meaningfully higher cost of capital.
How filings like this one have moved
In the 30 days to Sep 30, 2026, 29.6% of the 1609 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CLW was trading at $20.89 on NYSE in the Manufacturing sector, with a market capitalization of approximately $336.9M. The 52-week trading range was $11.73 to $23.59. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.