Company: MATV
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001000623-25-000009
Chunk: 130

Company: Mativ Holdings, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 130
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 20242023Balance at beginning of the period$3.8 $4.0 Charges for restructuring programs21.9 0.3 Cash payments and other(23.5)(0.5)Balance at end of period$2.2 $3.8 

78

MATIV HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 13. Debt

Total debt, net of debt issuance costs, is summarized in the following table (in millions):December 31,20242023Revolving facility - U.S. dollar borrowings$237.0 $260.0 Term loan A facility83.3 84.3 Term loan B facility116.5 160.5 Delayed draw term loan270.1 273.2 6.875% Senior unsecured notes due October 1, 2026, net of discount of $3.2 million as of December 31, 2023(1)— 341.9 8.000% Senior unsecured notes due October 1, 2029400.0 — German loan agreement5.9 9.0 Debt issuance costs(23.5)(24.3)Total debt1,089.3 1,104.6 Less: Current debt(2.6)(2.8)Long-term debt$1,086.7 $1,101.8 (1) Amount includes a $4.9 million decrease in the fair value as of December 31, 2023 , due to changes in benchmark interest rates related to the senior unsecured notes. Refer to Note 14. Derivatives for additional information on our interest rate swaps designated as a fair value hedge.Credit Facility On September 25, 2018, the Company entered into a $700.0 million credit agreement (the “Credit Agreement”), which replaced the Company’s previous senior secured credit facilities and provides for a five-year $500.0 million revolving line of credit (the “Revolving Credit Facility”) and a seven-year $200.0 million bank term loan facility (the “Term Loan A Facility”). Subject to certain conditions, including the absence of a default or event of default under the Credit Agreement, the Company may request incremental loans to be extended under the Revolving Credit Facility or as additional Term Loan Facilities so long as the Company is in pro forma compliance with