Interfor completes modernization of its credit facilities
April 1, 2019
VANCOUVER (News release) -- Interfor Corporation has closed a new and modernized credit facility with a syndicate of major banks co-led by RBC Capital Markets, TD Securities and Wells Fargo. The new facility will consolidate and replace several existing bank agreements.
The major elements of the new agreement include: increasing total availability to $350 million, which represents an increase of approximately $20 million versus the total under the previous credit agreements; extending the term from 2021 to 2024; reducing the security package, reporting covenants and certain other restrictions; and establishing a more favourable fee structure.
"Interfor is very pleased to have the support of its long standing lending partners. In particular, we were appreciative of their perspectives and advice as we developed our roadmap for this modernized credit arrangement," said Mike Standbrook, Interfor's Vice President and Corporate Treasurer. "At December 31, 2018, Interfor had more than $500 million of available liquidity and this new facility will provide the Company with additional flexibility to pursue its strategic agenda."
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