International Paper trims credit agreement, extends maturity to 2022

By Rebecca Melvin

New York, April 29 – International Paper Co. amended on Tuesday its credit agreement with Red Bird Receivables LLC as borrower and Mizuho Bank Ltd. as administrative agent, reducing the amount available for borrowing to $550 million from $600 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also extends the agreement’s maturity for two years to April 27, 2022 and changes the facility to committed from uncommitted.

The changes also require repayment of any outstanding loans under the credit agreement or replacement of the administrative agent and its lender group if the company is unable to extend the commitments under the credit agreement dated Dec. 12, 2016 with J.P. Morgan Chase Bank NA as administrative agent or commitments under its revolver.

International Paper is a packaging and paper manufacturing company based in Memphis.

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