Clearwater (CLW) Enters Accelerated Buyback w/ Goldman Sachs

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Clearwater Paper (NYSE: CLW) entered into an accelerated stock buyback agreement ("ASB agreement") with Goldman, Sachs & Co. to repurchase an aggregate of $50 million of Clearwater Paper common stock. The company will acquire the common shares pursuant to the ASB agreement as part of its $100 million stock repurchase program. This program, which was announced on January 17, 2013, in conjunction with the sale of $275 million of 4.5% senior notes by the company, is targeted to be completed in 2013. The remainder of the repurchases under this program may be made, at management's discretion, in both public market and private transactions, are subject to certain limitations, and may include the use of derivative contracts or additional structured share repurchase agreements.

Under the ASB agreement, the company will pay $50 million to Goldman, Sachs & Co. and will receive a majority of the shares underlying the ASB agreement, from Goldman, Sachs & Co. on March 6, 2013. The remaining shares to be repurchased under the ASB agreement, if any, will be based generally on the daily volume-weighted average price of Clearwater Paper common stock during the term of the ASB agreement.

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