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Subsequent Events
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Effective July 1, 2023, pursuant to the amended Credit Agreement on June 5, 2023, borrowings under the Term Loan B Facility in U.S. dollar will bear interest equal to a forward-looking term rate based on Term SOFR (subject to a minimum floor of 0.75%) plus 2.75%. Borrowings under the Term Loan B Facility in Euros will bear interest equal to EURIBOR (subject to a minimum floor of 0%) plus 3.75%.

On August 1, 2023, the Company entered into a final, binding and irrevocable offer letter (the “Offer Letter”) with Evergreen Hill Enterprise Pte. Ltd., an affiliate of PT Bukit Muria Jaya (“Evergreen Hill Enterprise”) pursuant to which Evergreen Hill Enterprise made a binding offer (the “Offer”) to acquire the Company’s Engineered Papers business for $620.0 million in cash, subject to customary closing date adjustments (the “Engineered Papers Transaction”). In connection with the Offer, the Company has agreed to initiate the required employee consultation process with its French works councils, and the Company may accept the Offer by delivering to Evergreen Hill Enterprise written notice of its decision to accept the Offer after the French Consultation Process has concluded. The Offer is valid until the earlier of (i) the date which is five (5) business days after the Pre-Signing Processes (as defined in the Offer Letter) have been completed and (ii) four (4) months after August 1, 2023. The Offer Letter requires the Company to pay a termination fee of $24.8 million if (a) Evergreen Hill Enterprise terminates the Offer Letter as a result of the Company's breach of their exclusivity obligations or (b) if any person has made an alternative proposal prior to the termination of the Offer, the Company fails to accept the Offer and, within 12 months after the termination of the Offer, the Company enters into a definitive agreement with respect to any alternative proposal. The Engineered Papers Transaction is expected to close in the fourth quarter of 2023. Upon closing of the transaction, the Company expects to record a gain on sale. As a result of the proposed transaction, we expect our Engineered Papers business to be presented as a discontinued operation in the third quarter of 2023, its net assets classified as held for sale, and certain prior period amounts retrospectively revised to reflect these changes.