Company: MATV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001000623-25-000024
Chunk: 20

Company: Mativ Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 20
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 all of its covenants under the Indenture at March 31, 2025.

As of March 31, 2025, the average interest rate was 7.00% on outstanding Revolving Facility borrowings, 7.17% on outstanding Term Loan A Credit Facility borrowings, 8.19% on outstanding Term Loan B Facility borrowings, and 6.92% on outstanding Delayed Draw Term Loan Facility borrowings. The effective rate on the Notes was 8.000%. The weighted average effective interest rate on the Company's debt facilities, including the impact of interest rate hedges, was approximately 7.44% and 5.94% for the three months ended March 31, 2025 and 2024, respectively. 

Principal  RepaymentsThe following is the expected maturities for the Company's debt obligations, net of fair value adjustments associated with interest rate swaps,  as of March 31, 2025 (in millions):2025$2.0 20262.7 2027623.2 2028116.5 2029400.0 Thereafter— Total $1,144.4 

Fair Value of Debt 

At March 31, 2025 and December 31, 2024, the fair market value of the 2029 Notes was $345.0 million and $383.5 million, respectively. The fair market value for the Notes was determined using quoted market prices, which are directly observable Level 1 inputs. The fair market value of all other debt as of March 31, 2025 and December 31, 2024 approximated the respective carrying amounts as the interest rates approximate current market indices. 

Note 10. Derivatives

 In the normal course of business, the Company is exposed to foreign currency exchange rate risk and interest rate risk on its variable-rate debt. To manage these risks, the Company utilizes a variety of practices including derivative instruments. The Company has no derivative instruments for trading or speculative purposes or derivatives with credit risk-related contingent features. All derivative instruments used by the Company are either exchange traded or are entered into with major financial institutions to reduce credit risk and risk of nonperformance by third parties. The fair values of the Company’s derivative instruments are determined using observable inputs and are considered Level 2 assets or liabilities.

Foreign Currency Risk ManagementThe Company utilizes currency forward, swap and, to a lesser extent, option contracts to selectively hedge