Neenah Completes Successful Debt Refinancing

Neenah, Inc. (NYSE:NP) announced today that the Company has entered into a Term Loan Credit Agreement, providing a Term Loan B Facility (“the Facility”) of seven years in the amount of $200 million. The Facility is rated BBB-by S&P Global Ratings and Ba3 by Moody’s Investors Service. Neenah also announced today that it is calling its outstanding 2021 notes for redemption in full on July 16, 2020. Proceeds under the new Facility will be used to redeem the $175 million of outstanding 5.25% 2021 notes, repay borrowings under the Company’s senior secured revolving credit facility, and for general corporate purposes. The Company also has amended its Global Asset Based Lending Agreement to reduce the revolving credit facility from $225 million to $175 million and make certain other changes related to the refinancing and resizing.

The interest rate under the new Facility will be determined based on LIBOR or other published rates, with an expected initial rate of approximately 5.00%. The Term Loan Credit Agreement contains no financial maintenance covenants and includes other customary covenants for agreements of this nature. The Facility may be prepaid with a one percent call premium for the first 12 months, after which it may be prepaid, in whole or in part, without premium or penalty.

“We’re extremely pleased with the strong interest and resulting favorable terms for this new credit agreement,” said Paul DeSantis, Chief Financial Officer and Treasurer. “The facility supports our strong balance sheet and financial position, and modestly lowers our cash interest rate. Importantly, the structure also provides additional flexibility and will allow Neenah to be well-positioned to resume executing our growth strategies as global economies recover.”

J.P. Morgan, Bank of Montreal and Goldman Sachs acted as Joint Bookrunners and Joint Lead Arrangers on the Facility. J.P. Morgan is the Administrative Agent on the Facility with Bank of Montreal and Goldman Sachs as Co-Syndication Agents. Additional details on the credit agreement may be found in the Form 8-K to be filed with the Securities and Exchange Commission.
https://ir.neenah.com/investors/press-releases/press-release-details/2020/Neenah-Completes-Successful-Debt-Refinancing/default.aspx

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