Mativ Holdings, Inc. 8-K

What Happened

• Mativ Holdings, Inc. announced a Ninth Amendment to its multicurrency credit agreement, effective April 3, 2026, that refinances and restructures its existing credit facilities. The Amended Credit Agreement provides an aggregate of about $894.9 million of commitments: a $305,000,000 revolving credit facility (with Euro and Sterling sub‑facilities each up to the equivalent of $305,000,000), $89,900,000 of Term A Loan commitments and $500,000,000 of Term B Loan commitments. The Amendment refinances the prior revolving, Term A and Term B loans and eliminates the delayed draw term loan facility.

Key Details

• Effective date: April 3, 2026; Ninth Amendment to the credit agreement dated September 25, 2018 (as previously amended).
• Total facilities: ~$894,900,000 (Revolver $305.0M; Term A $89.9M; Term B $500.0M).
• Interest and fees: Revolver and Term A margins are tiered by Net Debt to EBITDA (higher margins at ≥4.00x range from 1.75%–2.75% depending on benchmark); commitment fee of 0.35%. Term B margins range from 3.50%–4.50% depending on benchmark.
• Maturities: Revolver and Term A mature on the earlier of the five‑year anniversary of the Amendment or 182 days prior to the scheduled maturity of Mativ’s 8.000% Senior Notes due 2029; Term B matures on the earlier of the seven‑year anniversary or 91 days prior to that Senior Notes maturity (as such dates may be extended/refinanced).
• Covenants: Financial covenants (applying to the Revolver and Term A only) require a minimum Interest Coverage Ratio that starts at 2.50x for periods ending Mar 31, 2026–Mar 31, 2027, steps to 2.75x for periods ending Jun 30, 2027–Mar 31, 2028, and to 3.00x thereafter; and a maximum Net Debt/EBITDA cap that starts at 5.00x for periods ending Mar 31, 2026–Mar 31, 2027, steps down to 4.50x for periods ending Jun 30, 2027–Mar 31, 2028, and to 4.00x thereafter.
• Borrower/guarantor changes: Three subsidiaries were added as additional U.S. Borrowers and another subsidiary became a guarantor under the Amended Credit Agreement.

Why It Matters

• The Amendment resets Mativ’s committed liquidity and the company’s debt structure—establishing roughly $895M of available credit—which affects Mativ’s borrowing capacity and funding flexibility.
• Interest costs will vary with leverage and benchmark rates due to the tiered margins and Term B pricing, and the agreement imposes specific financial covenants that tighten over time (higher interest coverage requirement and lower allowable Net Debt/EBITDA), which investors should monitor as they can affect financial flexibility and potential covenant compliance.
• The addition of subsidiaries as borrowers/guarantors broadens lender security and may have corporate and credit implications for the consolidated group.

(For full terms, see the Amended Credit Agreement attached as Exhibit 10.1 to the Form 8‑K.)