Debevoise & Plimpton LLP has advised Sylvamo Corporation (“Sylvamo”) in the refinancing of its capital structure.

As part of the transaction Sylvamo simultaneously prepaid a portion of its existing credit facilities, amended the maturity of the remaining tranches and entered into a new credit facility which was funded in part by rolling a portion of the existing credit facility into the new credit facility. An intercreditor agreement was also entered into in order to establish the pari passu nature of the two facilities. The size of the amended credit facilities is $625m and the size of the new credit facilities is up to $593m. The transaction closed on July 31, 2024.

Sylvamo is an uncoated paper company headquartered in Memphis, Tennessee. It employs more than 6,500 people worldwide, with mills in Europe, Latin America and North America.

The Debevoise team advising Sylvamo was led by partner Pierre Maugüé, and included international counsel Christine Gilleland, counsel Christopher Rosekrans, and associates Patrick Dixon, Zachary Pollack and Missy Aja.