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SELECTED TRANSACTION DETAILS
J.P. Morgan Agents $200MM Term Loan Facility of Neenah’s Credit Facility
Wednesday, July 1, 2020

Lenders/Participants J.P. Morgan Bank [Administrative Agent, Joint Bookrunner, Joint Lead Arranger]
Bank of Montreal [Co-Syndication Agent, Joint Bookrunner, Joint Lead Arranger]
Goldman Sachs [Co-Syndication Agent, Joint Bookrunner, Joint Lead Arranger]
Structure Term Loan
Amount $200.000 Million
Borrower(s) Neenah, Inc.
Description Company has entered into a Term Loan Credit Agreement, providing a Term Loan B 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 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.
Industry Specialty Industries
Related Tags Bank of Montreal, Goldman Sachs, J.P. Morgan Bank




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