Sylvamo Corp Enters Material Definitive Agreement

TL;DR

Sylvamo Corp just signed a big deal, expect financial updates soon.

AI Summary

On July 31, 2024, Sylvamo Corporation entered into a Material Definitive Agreement related to a direct financial obligation. The company also filed financial statements and exhibits as part of this report.

Why It Matters

This filing indicates a significant financial commitment or obligation for Sylvamo Corporation, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and direct financial obligations can introduce financial risks and obligations that may affect the company's performance.

Key Players & Entities

• Sylvamo Corporation (company) — Registrant
• July 31, 2024 (date) — Date of Report
• Delaware (jurisdiction) — State of Incorporation
• 86-2596371 (tax_id) — I.R.S. Employer Identification No.
• 6077 Primacy Parkway, Memphis, Tennessee 38119 (address) — Principal Executive Offices
• (901) 519-8000 (phone_number) — Registrant's telephone number

FAQ

From the Filing

0001193125-24-191528.txt : 20240801 0001193125-24-191528.hdr.sgml : 20240801 20240801161603 ACCESSION NUMBER: 0001193125-24-191528 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240731 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240801 DATE AS OF CHANGE: 20240801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sylvamo Corp CENTRAL INDEX KEY: 0001856485 STANDARD INDUSTRIAL CLASSIFICATION: PAPER MILLS [2621] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 862596371 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-40718 FILM NUMBER: 241166922 BUSINESS ADDRESS: STREET 1: 6077 PRIMACY PARKWAY CITY: MEMPHIS STATE: TN ZIP: 38119 BUSINESS PHONE: 901-519-8000 MAIL ADDRESS: STREET 1: 6077 PRIMACY PARKWAY CITY: MEMPHIS STATE: TN ZIP: 38119 8-K 1 d854087d8k.htm 8-K 8-K Sylvamo Corp false 0001856485 0001856485 2024-07-31 2024-07-31     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (date of earliest event reported): July 31, 2024     SYLVAMO CORPORATION (Exact name of registrant as specified in its charter)     Commission file number 001-40718   Delaware   86-2596371 (State or other jurisdiction of incorporation)   (I.R.S. Employer Identification No.)   6077 Primacy Parkway , Memphis , Tennessee   38119 (Address of Principal Executive Offices)   (Zip Code) Registrant’s telephone number, including area code: (901) 519-8000     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, $1 per share par value   SLVM   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 1.01 Entry into a Material Definitive Agreement. On July 31, 2024, Sylvamo Corporation (the “ Company ”) entered into certain material agreements described below, to refinance its long-term debt. The Company took advantage of a favorable financing market to extend its debt maturity profile, making the following primary changes:   •   Revolving Credit Facility . Extended the maturity of the existing revolving credit facility from 2026 to 2029 and reduced the borrowing capacity from $450 million to $400 million. The reduction was based on the Company’s reassessment of its liquidity ne