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Subsequent Events | 12 Months Ended
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Dec. 31, 2023
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events In January 2024, we fully repaid the $20 million outstanding balance under our ABL Credit Agreement. On February 19, 2024, we entered into an Asset Purchase Agreement with Graphic Packaging International, LLC (GPK), such that Clearwater Paper Corporation will acquire GPK’s Augusta Georgia paperboard mill and associated assets for $700 million subject to adjustments for working capital. We intend to finance this transaction through the commitments noted below. Additionally, in certain conditions as defined in the Asset Purchase Agreement, a reverse termination fee could be assessed against us. The closing of this transaction is subject to regulatory approvals. On February 19, 2024, we entered into a commitment letter with AgWest Farm Credit, PCA (AgWest), CoBank, FCB (CoBank) and Coöperatieve Rabobank U.A. (Rabobank), in which AgWest and CoBank, agreed to provide a 5-year term revolver credit facility in an aggregate principal amount of up to $270 million via a refinancing of the Company’s existing term revolver credit agreement in the event that the required consents or amendments from the existing lenders and voting participants cannot be obtained. In addition, AgWest agreed to provide a new 7-year farm credit term loan facility in the aggregate principal amount of $340 million and Rabobank agreed to provide a new 5-year commercial bank term loan facility in the aggregate principal amount of $150 million. The obligations of the Lenders to provide such financing are subject to the execution and delivery of mutually acceptable definitive loan documents, which are expected to contain customary representations, warranties, covenants, and events of default, including a minimum liquidity covenant and a maximum capitalization ratio covenant. The commitments of the Lenders will expire on, and definitive loan documents must be executed prior to the closing of the transaction.

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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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