Clearwater Paper Corp. (CLW) has released an update.
Clearwater Paper Corporation is set to acquire assets from Graphic Packaging International, LLC’s consumer packaging business for $700 million, subject to adjustments. This strategic move involves assuming certain liabilities and includes indemnities for pre-existing conditions. The deal, expected to close in the second quarter of 2024, is reliant on antitrust approvals and other closing conditions. To finance the transaction, Clearwater has secured a commitment for a mix of credit facilities amounting to $765 million, with detailed arrangements for rates and covenants. The agreement outlines mutual efforts to facilitate a smooth transition, including interim operational covenants and potential termination rights.
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