Spokane-based Clearwater Paper Corp. announced it has refinanced its senior notes and other revolving credit facilities on Sept. 18 and has replaced them with a new financing package.

The move extends the company’s debt maturities — the date when the company must repay the principal amount in full — according to a press release regarding the move by the paperboard manufacturer. Clearwater Paper entered into an amended and restated credit agreement with Spokane-based lender AgWest Farm Credit PCA, as administrative agent, and a syndicate of lenders.

Specifically, Clearwater refinanced its senior notes due in 2028 and refinanced both its existing term revolver credit facility and its existing asset-based lending revolving credit facility. Senior notes are a type of bond that has priority over other debts in the event of a company’s bankruptcy, according to Investopedia. A revolving credit facility is a flexible line of credit provided by financial institutions, such as AgWest Farm Credit, allowing borrowers to access funds up to a predetermined limit.

Clearwater's new financing package includes a $200 million revolving credit facility with about $15 million outstanding at closing, and a $275 million term loan facility, which was fully funded at closing, the press release says.

“This refinancing extends our debt maturities and provides greater certainty as we execute our long-term strategy,” says Arsen Kitch, president and CEO. “We appreciate the support of our Farm Credit System partners and believe the new capital structure gives Clearwater Paper a stable foundation for continued execution of our business and capital allocation priorities.”

The new credit agreement matures on Sept. 18, 2031.

Clearwater Paper was established in Spokane in 2008. Several floors in the Bank of America Financial Center, at 601 W. Riverside in downtown Spokane, serve as the manufacturer's corporate headquarters, the Journal previously reported.

Paperboard products produced by the company include foodservice cartons, cups, containers, carded packaging, and other items, according to the company’s website.