Get the perfect balance of bulk and strength with the new single-ply, 130 lb. Cougar Smooth cover. This powerful performer carries the same specifications as the 130 lb. Cougar Double-Thick cover, now in an un-pasted sheet. No other heavyweight cover will give you the substance, strength and performance you need to create truly memorable cards, invitations, announcements, brochure covers, direct mail pieces and more. After all, there’s only one brand strong enough to play in this arena – and if it’s not Cougar, it’s a copycat. The new Cougar 130 lb. single-ply cover will have new item codes, see table below. As inventory on the double-thick cover depletes, we will replenish with single-ply. Cougar Natural and Cougar Super Smooth 130 lb. cover will remain double-thick. Contact your Midland Paper sales professional for additional information.
Glatfelter (NYSE: GLT) announced it closed on a new 5-year, $400 million revolving credit facility and a €220 million term loan facility on February 8, 2019. The revolving credit facility will be used to refinance outstanding indebtedness under Glatfelter’s existing senior credit facility, for general corporate purposes including working capital needs and to finance future organic and acquisition growth. The proceeds of borrowings under the term loan facility will be used to redeem, at par, its outstanding $250 million, 5.375% senior notes on February 28, 2019. The credit facility is unsecured and contains customary representations and affirmative and negative covenants.
“The retirement of our $250 million Notes using the term loan proceeds allows us to effectively manage our leverage going forward as this replacement debt is fully pre-payable without penalties,” said John P. Jacunski, Executive Vice President and Chief Financial Officer. “This added flexibility, in conjunction with a new 5-year revolver, provides the liquidity we need for future organic and acquisition growth. Furthermore, moving to an all-bank debt financing structure meaningfully reduces interest expense through lower borrowing rates. As a result, we expect interest expense to be reduced by $6 million in 2019 compared with 2018 and $8 million on an annualized basis, thereafter. This underscores our commitment to right-size our cost structure in line with the new scale of the business.”
The Euro term loan provides the Company with the ability to manage its foreign currency exposure to better align its Euro-denominated earnings and cash flows with debt obligations. The new credit agreement has a maturity date of February 8, 2024.
PNC Bank, National Association (PNC) acted as Administrative Agent on the refinancing and PNC Capital Markets LLC, JPMorgan Chase Bank, N.A. and HSBC Securities (USA) Inc. served as Joint Lead Arrangers.