Sylvamo to Pay Down Debt With $60 Million Released From Escrow
Sylvamo Corporation (SLVM)
Company Research
Source: Business Wire
MEMPHIS, Tenn.--(BUSINESS WIRE)--Sylvamo (NYSE: SLVM), the world’s paper company, now has access to $60 million initially put in escrow for disputed goodwill tax deductions in Brazil which it intends to use to pay down debt.The company’s lenders agreed to eliminate the escrow after a Brazilian court ruled in its favor. The ruling—covering two-thirds of the amount disputed in several proceedings—is subject to appeal.Due to the potential liability of the goodwill tax deductions, lenders limited Sylvamo to $90 million in annual cash returns when it became an independent company in 2021. In September 2023, the company made a $60 million escrow deposit to remove the limit in its credit agreement, allowing it to return more than $90 million annually in cash to shareowners through share repurchases and dividends.“We intend to use the funds from the escrow elimination to help pay down debt. Additionally, our strong cash flow will allow us to pay down a total of $120 million in debt in the
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SLVM
News
- Sylvamo Announces DividendBusiness Wire
- Sylvamo Co. (NYSE: SLVM) had its "underperform" rating re-affirmed by analysts at Bank of America Co.. They now have a $96.00 price target on the stock.MarketBeat
- Estimating The Fair Value Of Sylvamo Corporation (NYSE:SLVM) [Yahoo! Finance]Yahoo! Finance
- Sylvamo to Pay Down Debt With $60 Million Released From Escrow [Yahoo! Finance]Yahoo! Finance
- Sylvamo Chief Financial Officer to Participate in Fireside Chat, Host Meetings During Citi's 2024 Basic Materials Conference [Yahoo! Finance]Yahoo! Finance
SLVM
Earnings
- 11/12/24 - Beat
SLVM
Sec Filings
- 11/14/24 - Form SC
- 11/12/24 - Form 10-Q
- 11/12/24 - Form 8-K
- SLVM's page on the SEC website