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Subsequent Events | 9 Months Ended
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Sep. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On October 4, 2023, pursuant to the terms of the Offer Letter and following the conclusion of the French Consultation Process, the Company accepted Evergreen Hill Enterprise’s Offer and countersigned the Purchase Agreement, with respect to the Engineered Papers Transaction. On October 20, 2023, the Company and the purchasers under the Company’s accounts receivable securitization facility entered into an amendment to the Company’s accounts receivable securitization facility (the “Amended A/R Facility”) to, among other things, facilitate the Engineered Papers Transaction. The documentation for the Amended A/R Facility included (i) Amendment No. 1 to the Receivables Purchase Agreement by and among the Company and the SPE (“Seller”), the persons from time to time party thereto as purchasers (the “Purchasers”), PNC Bank, National Association, as administrative agent (“PNC” or “Administrative Agent”), and PNC Capital Markets LLC, as structuring agent (the “Receivables Purchase Agreement Amendment”) and (ii) Amendment No. 1 to Sale and Contribution Agreement (the “Sale and Contribution Agreement Amendment”), by and among the Company, the originators party thereto, and the Seller. The Receivables Purchase Agreement Amendment amends the original Receivables Purchase Agreement, dated as of December 23, 2022 (as amended, the “Amended Receivables Purchase Agreement”) and the Sale and Contribution Agreement Amendment amends the original Sale and Contribution Agreement, dated as of December 23, 2022 (as amended, the “Amended Sale and Contribution Agreement”), in each case by, among other things, (i) reflecting the repurchase by the Company from Seller of all of its accounts receivable and certain related assets previously sold by Company to Seller (collectively, “Receivables”), (ii) reflecting that the Company is no longer an originator of Receivables under the Amended A/R Facility, but remains the servicer and performance guarantor, (iii) reflecting the Company’s assignment of 100% of the ownership interests in Seller to Neenah, Inc., a wholly-owned subsidiary of the Company (“Neenah”), such that Neenah will now be able to contribute Receivables to Seller on a go-forward basis pursuant to the terms of the Sale and Contribution Agreement, as so amended, and (iv) updating the maximum Net Debt to EBITDA Ratio to match the level set forth in the Company’s First Lien Credit Agreement as in effect on the date of such amendments.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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