The Firm represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with the offering by Clearwater Paper Corporation (“Clearwater”) of $275 million aggregate principal amount of 4.75% Senior Notes due 2028 pursuant to Rule 144A and Regulation S. The net proceeds of the notes offering were used to redeem all of Clearwater’s outstanding 4.5% Senior Notes due 2023 and satisfy and discharge the related indenture.
Clearwater is a premier supplier of private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting, and cutting.
The Simpson Thacher team included David Azarkh, Camilla Johnson and Alexander Leicht (Capital Markets); John Creed and Dmitry Zelik (Tax); Andrew Blau, Jeanne Annarumma and Ashlie Lawton (Executive Compensation and Employee Benefits); Michael Isby (Environmental); Lori Lesser and Loren Shokes (Intellectual Property); and Jennie Getsin (Blue Sky).