KapStone Paper and Packaging Corporation (NYSE:KS) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
-
0

KapStone Paper and Packaging Corporation (NYSE:KS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

KapStone Paper and Packaging Corporation (“Parent”), KapStone Kraft Paper Corporation (“Borrower”), and the subsidiaries of Borrower named therein (the “Guarantors”) entered into a Third Amendment to Second Amended and Restated Credit Agreement dated as of July26, 2017 (the “Amendment”), amending its Second Amended and Restated Credit Agreement dated as of June1, 2015 (as previously amended, the “Credit Agreement”) among Parent, Borrower, the Guarantors, the lenders named therein, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and Barclays Bank PLC and Wells Fargo Bank, National Association, as co-Syndication Agents.

The Amendment modified the financial covenant in the Credit Agreement related to maintenance of a maximum total leverage ratio by increasing the permitted total leverage ratio for fiscal quarters ending on September30 and December31, 2017 and March31, 2018, and modified certain defined terms used in the calculation of the financial covenants in a manner favorable to Parent. The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit10.22 hereto and is incorporated herein by reference.

Item 1.01 Financial Statements and Exhibits.

(d) Exhibit

10.22 Third Amendment to Second Amended and Restated Credit Agreement dated as of July26, 2017, by and among KapStone Paper and Packaging Corporation, KapStone Kraft Paper Corporation, as Borrower, the subsidiaries of Borrower named therein, as Guarantors, the lenders named therein, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and Barclays Bank PLC and Wells Fargo Bank, National Association, as co-Syndication Agents.


KAPSTONE PAPER & PACKAGING CORP Exhibit
EX-10.22 2 a17-18438_1ex10d22.htm EX-10.22 Exhibit 10.22   Execution Copy   THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT   THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of July 26,…
To view the full exhibit click here

About KapStone Paper and Packaging Corporation (NYSE:KS)

KapStone Paper and Packaging Corporation is engaged in the production of containerboard, corrugated products and specialty paper. The Company operates through two segments: Paper and Packaging, and Distribution. The Company operates approximately four paper mills. It produces approximately 2.7 million tons of containerboard and specialty paper at its mills in North Charleston, South Carolina; Roanoke Rapids, North Carolina; Cowpens, South Carolina, and Longview, Washington. The Company’s Paper and Packaging segment manufactures and sells a range of container boards, corrugated products and specialty paper for industrial and consumer markets. The Distribution segment, which operates under the Victory and Golden State Container trade names, provides its customers with packaging solutions and services, and distributes corrugated packaging materials, as well as other specialty packaging materials, such as plastics, wood, void fill, tapes and stretch wraps.