Company: MATV
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001000623-25-000064
Chunk: 20

Company: Mativ Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 20
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 million and $2.4 million for the three and nine months ended September 30, 2024, respectively, related to facilities closed in prior years. 

19

MATIV HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

The following table summarizes changes in restructuring liabilities (in millions):  20252024Balance at beginning of the period$2.2 $3.8 Charges for restructuring programs6.9 21.3 Cash payments and other(4.9)(22.3)Balance at end of the period$4.2 $2.8 

Restructuring liabilities were classified within Accrued expenses and other current liabilities and Other liabilities in the unaudited Condensed Consolidated Balance Sheets.

Note 9. Debt

Total debt, net of debt issuance costs, is summarized in the following table (in millions):September 30, 2025December 31, 2024Revolving facility - U.S. dollar borrowings$172.0 $237.0 Term loan A facility83.3 83.3 Term loan B facility116.5 116.5 Delayed draw term loan270.1 270.1 8.000% Senior unsecured notes due October 1, 2029400.0 400.0 German loan agreement4.4 5.9 Debt issuance costs(17.4)(23.5)Total debt1,028.9 1,089.3 Less: Current debt(2.9)(2.6)Total long-term debt$1,026.0 $1,086.7 

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 the financial covenants set forth in the Credit Agreement