Clearwater Paper adds $100 million under Northwest Farm revolver

By Wendy Van Sickle

Columbus, Ohio, Aug. 21 – Clearwater Paper Corp. doubled its revolving credit commitments under a 2016 credit agreement with Northwest Farm Credit Services, PCA as agent to $200 million, according to an 8-K filing with the Securities and Exchange Commission.

Concurrent with the increase on Tuesday, Clearwater Paper drew down $100 million under that credit agreement, all of which will be used to reduce the outstanding revolving balanced under its 2016 credit agreement with Wells Fargo Bank, NA as agent.

The company said the increase in total revolving commitments provides additional liquidity and fixes the base component of the interest rate applicable to $100 million of outstanding revolving loans for three years, thereby reducing its exposure to variable-rate date.

Also on Tuesday, each of the Wells Fargo and Northwest Farm credit agreements was amended to permit the sale of Clearwater Paper’s Ladysmith, Wis., manufacturing facility for about $72 million in cash.

Clearwater Paper is a Spokane, Wash.-based manufacturer of consumer tissue, bleached paperboard and wood products.

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