MATV · Mativ Holdings, Inc.

Mativ Holdings, Inc. executed the Ninth Amendment to its existing multicurrency credit agreement on April 3, 2026, fundamentally restructuring its debt profile by refinancing all prior revolving commitments, Term A Loans, and Term B Loans into a new $894.9 million facility. This includes a $305 million revolver with multicurrency sublimits, $89.9 million Term A, and $500 million Term B, eliminating the prior delayed draw feature. Interest pricing ties closely to leverage with margins scaling from 1.75%-2.75% for the revolver and Term A (plus 0.35% commitment fee), while Term B carries a fixed 3.50%-4.50% spread, providing cost predictability on the largest tranche. Maturities are springing based on the company's 8% Senior Notes due 2029, with revolver/Term A accelerating 182 days prior and Term B 91 days prior, aligning refinancing incentives with bond obligations. Covenant package eases initially with Interest Coverage starting at 2.50x (stepping to 3.00x by mid-2028) and Net Debt/EBITDA at 5.00x (stepping down to 4.00x), applicable only to revolver and Term A, offering breathing room through 2027 before tightening. Addition of three U.S. subsidiaries as borrowers and one new guarantor broadens collateral support. For investors, this amendment extends maturities, resets terms post prior amendments, and signals lender confidence amid leverage management, though ongoing covenant compliance will be critical given the leverage-linked pricing and note overhang.