Glatfelter amends revolver, plans draw to retire 7 1/8% notes

By Jennifer Chiou

New York, Nov. 21 - P.H. Glatfelter Co. announced an amendment to its revolving credit agreement, raising the size to $350 million from $225 million.

The company also plans to use proceeds to retire its $100 million of 7 1/8% notes due May 2016 in December.

The revolver has a $100 million accordion feature and was extended through November 2016, according to a news release, which added that the changes provide for a more favorable pricing grid.

Remaining proceeds will go towards working capital purposes, growth initiatives and other general corporate purposes.

P.H. Glatfelter is a York, Pa.-based manufacturer and seller of specialty papers and fiber-based engineered products. It expects to record an after-tax charge of $6.3 million in the fourth quarter related to the note redemption.

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