#Nonwovens / Technical Textiles
Glatfelter Corporation announces successful completion of refinancing plan
Summary of Transactions:
• Glatfelter repaid in full its existing €220,000,000 term loan that would have matured in February 2024, ?thereby eliminating all near-term debt maturities.
• The Company amended its existing syndicated revolving credit facility led by PNC Bank National Association, as administrative agent, giving it access to a $250,000,000 revolving credit facility to finance working capital needs and a new covenant structure that reflects the Company’s current operating environment and liquidity.
With this refinancing, the Company meaningfully extends its debt maturity profile, with no material debt coming due prior to the maturity of the revolving credit facility in September 2026.
The financial flexibility gives the Company significant runway to execute its various initiatives before it needs to re-access the debt markets. ?“Today’s successful completion of our refinancing plan eliminates the execution risk from the financial markets and leaves Glatfelter and the management team 100% focused on implementing our turnaround strategy. Despite the recent volatile capital markets, we were able to achieve a positive outcome in combination with our long-standing relationship bank group and our new financing partners at Angelo Gordon.
The Company and its balance sheet are well-positioned for the future,” said Thomas Fahnemann, President and Chief Executive Officer of Glatfelter. Lazard acted as financial advisor to the Company in the refinancing and Proskauer Rose LLP acted as legal advisor. ?Additional information can be found in an 8-K filed with the Securities and Exchange Commission. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
