JWCA advises clearwater paper on its $300 Million senior notes offering due 2025

July 2014 | read press release

Transaction Background

JWCA was hired by Clearwater Paper to evaluate its capital structure:

• Assisted the Clearwater Paper team with economic analysis around the existing 7.125% Senior Unsecured Notes due 2018, and ultimately recommended its redemption

• Presented capital structure alternatives to the Board; created detailed analysis comparing different capital tools and impact on Clearwater Paper

• Advised Clearwater Paper and ran a process to achieve best terms from the banks

• Assisted the Clearwater Paper team with documentation, including covenants

• Provided advice, support and analysis during the execution

Results

• Achieved investment-grade-style covenants:  No restrictions on debt incurrence or restricted payments

• Provided all the support and analysis for the company, at no net cost:  Fee paid by the underwriter

• Reduced underwriting fees by ~50%:  Average fee is ~1.50%, while Clearwater Paper paid only 0.75%