Expands and Extends Its Revolving Credit Facility BURNABY, British Columbia, Dec. 17, 2021 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) today announced that it has closed an early renewal and expansion of its revolving credit facility with a syndicate of major Canadian and U.S. banks co-led by RBC Capital Markets, TD Securities and Wells Fargo.
The commitment amount under the facility has been increased by C$150 million to a total of C$500 million, and the term of the facility has been extended from March 2024 to December 2026. The security, covenants and pricing grid remain unchanged. In addition, the renewal includes the increased ability to secure additional long-term debt financing, which will enhance the Company’s ongoing financial flexibility.
At September 30, 2021, Interfor had C$836 million of available liquidity, including C$509 million of cash on hand, and this availability will be increased by C$150 million on a pro forma basis under the new facility. This increase will provide the Company with ample financial capacity to complete its previously announced acquisition of EACOM Timber Corporation in early 2022 and provide additional flexibility to continue to pursue its strategic growth agenda.
https://www.globenewswire.com/news-release/2021/12/17/2354743/0/en/Interfor-Expands-and-Extends-Its-Revolving-Credit-Facility.html