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Packaging Corp. of America – ‘8-K’ for 6/8/21

On:  Friday, 6/11/21, at 3:47pm ET   ·   For:  6/8/21   ·   Accession #:  1193125-21-188809   ·   File #:  1-15399

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/11/21  Packaging Corp. of America        8-K:1,9     6/08/21   11:1M                                     Donnelley … Solutions/FA

Current Report   —   Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     24K 
 2: EX-10.1     Material Contract                                   HTML    555K 
 7: R1          Document and Entity Information                     HTML     46K 
 9: XML         IDEA XML File -- Filing Summary                      XML     12K 
 6: XML         XBRL Instance -- d32713d8k_htm                       XML     13K 
 8: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 4: EX-101.LAB  XBRL Labels -- pkg-20210608_lab                      XML     53K 
 5: EX-101.PRE  XBRL Presentations -- pkg-20210608_pre               XML     34K 
 3: EX-101.SCH  XBRL Schema -- pkg-20210608                          XSD     12K 
10: JSON        XBRL Instance as JSON Data -- MetaLinks               12±    18K 
11: ZIP         XBRL Zipped Folder -- 0001193125-21-188809-xbrl      Zip    131K 


‘8-K’   —   Current Report


This is an HTML Document rendered as filed.  [ Alternative Formats ]



 iX: 
  8-K  
 i PACKAGING CORP OF AMERICA  i false  i 0000075677 0000075677 2021-06-08 2021-06-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM  i 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  i June 8, 2021

 

 

Packaging Corporation of America

(Exact name of registrant as specified in its charter)

 

 

 

 i Delaware    i 1-15399    i 36-4277050

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 i 1 N. Field Court,  i Lake Forest,  i Illinois  i 60045

(Address of Principal Executive Offices, including Zip Code)

 i (847)  i 482-3000

(Registrant’s Telephone Number, Including Area Code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 i 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 i 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 i 

Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))

 

 i 

Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  i 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

 i Common Stock    i PKG    i New York Stock Exchange

 

 

 


Item 1.01. Entry into a Material Definitive Agreement.

On June 8, 2021, Packaging Corporation of America (“PCA”) entered into a revolving credit agreement (the “New Revolving Credit Agreement”) with the lenders and agents named therein. The New Revolving Credit Agreement is attached hereto as Exhibit 10.1, which is incorporated by reference herein. The description below does not purport to be complete and is qualified in its entirety by reference to the full text of the New Revolving Credit Agreement. The New Credit Agreement replaces PCA’s old Credit Agreement, dated August 29, 2016 (the “Old Credit Agreement”), which was described in Item 1.01 to PCA’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 1, 2016. The term of the Old Credit Agreement would have expired on August 29, 2021.

The New Revolving Credit Agreement is a $350 million unsecured revolving credit facility, which has a five-year term and is available for borrowings for general corporate purposes. Except for approximately $23.5 million of letters of credit, no borrowings were outstanding under the Old Credit Agreement and no borrowings are outstanding under the New Revolving Credit Agreement. Borrowings under the New Revolving Credit Agreement are guaranteed by PCA’s material subsidiaries.

Loans under the New Revolving Credit Agreement bear interest at the LIBOR rate or the base rate plus the applicable margin described below. The agreement contains customary LIBOR successor rate provisions. The applicable margin is determined based upon the public ratings of PCA’s senior long-term unsecured debt or PCA’s gross leverage ratio and ranges from (a) in the case of LIBOR loans, 0.900% to 1.500% and (b) in the case of base rate loans, 0.000% to 0.500% for revolving loans.

The New Revolving Credit Agreement contains customary affirmative and negative covenants, including limitations on liens, mergers and consolidations, sales of assets and subsidiary indebtedness. The New Revolving Credit Agreement has two financial covenants, a maximum leverage ratio and a minimum interest coverage ratio, each calculated on a consolidated basis.

PCA may prepay loans under the New Revolving Credit Agreement at any time without premium or penalty.

Item 9.01. Financial Statements and Exhibits.

(D)    Exhibits

 

10.1    Credit Agreement, dated June 8, 2021 between Packaging Corporation of America and the lenders and agents named therein
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

PACKAGING CORPORATION OF AMERICA
  (Registrant)
  By:   /s/ Kent A. Pflederer
    Senior Vice President, General Counsel and Secretary

Date: June 11, 2021


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
8/29/21
Filed on:6/11/21
For Period end:6/8/21
9/1/168-K
8/29/168-K
 List all Filings 


8 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/29/23  Packaging Corp. of America        424B5                  2:488K                                   Donnelley … Solutions/FA
11/27/23  Packaging Corp. of America        424B3                  1:463K                                   Donnelley … Solutions/FA
 2/23/23  Packaging Corp. of America        10-K       12/31/22  132:30M                                    Donnelley … Solutions/FA
 2/24/22  Packaging Corp. of America        10-K       12/31/21  134:28M                                    Donnelley … Solutions/FA
 9/09/21  Packaging Corp. of America        424B5       9/08/21    1:398K                                   Donnelley … Solutions/FA
 9/07/21  Packaging Corp. of America        424B3                  1:390K                                   Donnelley … Solutions/FA
 9/07/21  Packaging Corp. of America        S-3ASR      9/07/21    5:317K                                   Donnelley … Solutions/FA
 8/05/21  Packaging Corp. of America        10-Q        6/30/21   89:13M                                    Donnelley … Solutions/FA
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