Orchids Paper Products Company Announces Extension Of Milestone Dates
BRENTWOOD, Tenn., Sept. 13, 2018 /PRNewswire/ -- Orchids Paper Products Company (NYSE American: TIS), a national supplier of high-quality consumer tissue products, today announced that its lenders have extended the milestone dates by which the Company is required to accomplish certain actions related to the Company's pursuit of strategic alternatives under the terms of its Second Amended and Restated Credit Agreement dated as of June 25, 2015, by and among the Company, U.S. Bank National Association and the other lenders party thereto (as amended, the "Credit Agreement").
The Company previously disclosed its initiative to refinance its existing debt obligations, as well as to explore alternative financing and capital-raising activities, in order to address its ongoing liquidity needs and to maintain sufficient access to the loan and capital markets on commercially acceptable terms to finance its business. In light of the Company's ongoing efforts with interested parties in executing such a solution, the Company's lenders extended the Company's deadline to negotiate and execute (i) a purchase agreement for the sale of the Company's equity or assets or (ii) a binding commitment from institutional lenders to refinance the Company's debt obligations, in either case in an amount sufficient to repay the Company's debt obligations to its existing lenders in full, from August 31, 2018 to September 30, 2018, though there can be no assurance that the Company will be able to consummate such a transaction or refinancing on terms that are satisfactory to it, or at all.
About Orchids Paper Products Company
Orchids Paper Products Company is a customer-focused, national supplier of high quality consumer tissue products primarily serving the at home private label consumer market. The Company produces a full line of tissue products, including paper towels, bathroom tissue and paper napkins, to serve the value through ultra-premium quality market segments from its operations in northeast Oklahoma, Barnwell, South Carolina and Mexicali, Mexico. The Company provides these products primarily to retail chains throughout the United States. For more information on the Company and its products, visit the Company's website at http://www.orchidspaper.com.
Investor Relations Contact:
Water's Edge Investor Relations Consulting Group
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SOURCE Orchids Paper Products Company
Released September 13, 2018