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Smurfit Westrock 8-K Report, Material Agreement (Sep 17, 2024)

Reports
Material Agreements
Filing Date
Filed September 17, 2024
Period End
September 13, 2024
Security
SW
In the record · 2024–202610-K210-Q98-K28

SW filed 2 annual reports (10-K), 9 quarterly reports (10-Q) and 28 current reports (8-K) between 2024 and 2026.

  1. Impairment8-K · Apr ’25Apr ’25
  2. Leadership change8-K · Feb ’26Feb ’26

01—Abstract

Summary

Summary of the 8-K filed September 17, 2024. Cited figures are marked; the original filing is the authoritative source.

Smurfit Westrock plc (SW) reported in this Form 8-K, dated September 17, 2024, that on September 13, 2024 it and certain subsidiaries entered into a First Amendment to the Agreement for the Purchasing and Servicing of Receivables.

The original agreement is a US$700,000,000a receivables facility dated September 11, 2023, with Coöperatieve Rabobank U.A., New York Branch, as purchaser. WestRock Company and WestRock RKT, LLC are terminating guarantors, and the Company becomes a new guarantor under the amendment. The most significant change is that the acquisition period termination date was extended to September 15, 2025.

This extends the period during which the facility can acquire receivables, giving the company continued access to this receivables financing arrangement for an additional period. The filing also notes that Rabobank and its affiliates have previously provided investment and commercial banking services to the Company and its affiliates for which they received customary fees and expenses, and may do so in the future. The filing is signed by Ken Bowles, Executive Vice President and Chief Financial Officer.

02—Key points

Key Highlights

  1. Entered into a First Amendment on September 13, 2024 to the US$700,000,000 receivables purchase and servicing agreement originally dated September 11, 2023
  2. Acquisition period termination date extended to September 15, 2025
  3. Rabobank (Coöperatieve Rabobank U.A., New York Branch) is the purchaser under the agreement
  4. Smurfit Westrock plc added as a new guarantor; WestRock Company and WestRock RKT, LLC are terminating guarantors
  5. Filing discloses prior and potential future investment and commercial banking relationships between Rabobank and the Company's affiliates, for which customary fees were received
  6. Filing signed by Ken Bowles, Executive Vice President and Chief Financial Officer

03—Questions

Frequently Asked Questions

  1. What did Smurfit Westrock agree to in this filing?

    The Company and certain subsidiaries entered into a First Amendment to the Agreement for the Purchasing and Servicing of Receivables with Rabobank as purchaser, amending the US$700,000,000 agreement originally dated September 11, 2023.

  2. What is the key change under the amendment?

    The acquisition period termination date was extended until September 15, 2025, according to the filing.

  3. Which entities changed their guarantor status?

    Smurfit Westrock plc became a new guarantor under the amendment, while WestRock Company and WestRock RKT, LLC are identified as terminating guarantors.

  4. Does Rabobank have other relationships with the Company?

    Yes. The filing states that Rabobank and its affiliates have provided investment or commercial banking services to the Company and its affiliates in the past, for which they received customary fees and expenses, and may provide similar services in the future.

04—Continue

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