Glatfelter (GLT) Increases Facility to $350M, w/ $100M Accordion Feature; Maturity Extended
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Glatfelter (NYSE: GLT) reports an amendment to its existing revolving credit agreement, which increased the size, modified the fee and interest structure, and extended the maturity.
The amendment increased the company’s revolving credit facility from $225 million to $350 million with a $100 million accordion feature, extended the term through November 2016, and provides a more favorable pricing grid. The company will use the facility to retire in December its $100 million 7⅛% Notes due May 2016, and for working capital purposes, growth initiatives, and other general corporate purposes. The company expects to record an after-tax charge of $6.3 million in the fourth quarter related to the Note redemption.
The amendment increased the company’s revolving credit facility from $225 million to $350 million with a $100 million accordion feature, extended the term through November 2016, and provides a more favorable pricing grid. The company will use the facility to retire in December its $100 million 7⅛% Notes due May 2016, and for working capital purposes, growth initiatives, and other general corporate purposes. The company expects to record an after-tax charge of $6.3 million in the fourth quarter related to the Note redemption.
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