SPOKANE, Wash. (News release) -- Clearwater Paper Corporation announced the successful refinancing of its senior notes due in 2028, along with the refinancing of both its existing term revolver credit facility and its existing ABL revolving credit facility. The existing notes and credit facilities have been replaced with a new term loan and revolving credit facility, meaningfully extending the company's debt maturities.

On September 18, 2026, Clearwater Paper entered into an amended and restated credit agreement with AgWest Farm Credit, PCA, as administrative agent, and a syndicate of lenders.

The new financing package includes:

• A $200 million revolving credit facility with approximately $15 million outstanding at closing.
• A $275 million term loan facility, which was fully funded at closing.

The revolving credit facility also includes an uncommitted $100 million increase option that is available to Clearwater Paper subject to lender participation, delivery of its 2027 year-end financial statements, and other customary conditions.

"This refinancing extends our debt maturities and provides greater certainty as we execute our long-term strategy," said Arsen Kitch, President and CEO. "We appreciate the support of our Farm Credit System partners and believe the new capital structure gives Clearwater Paper a stable foundation for continued execution of our business and capital allocation priorities."

Borrowings under the new credit agreement were used to pay off and terminate the existing ABL credit facility and pay the redemption price, which will be used to redeem Clearwater Paper's outstanding $275 million senior notes due 2028 in full.

The new credit agreement matures in five years, on September 18, 2031, thereby extending Clearwater Paper's long-term debt maturity profile.

For more information, see Clearwater Paper's Current Report on Form 8-K filed with the Securities Exchange Commission on September 21, 2026.