GE Capital, CIBC Amend Tembec Revolver
Tembec announced it successfully amended its asset-based secured revolving credit facility with GE Capital and CIBC.
The amending agreement provides the company with additional flexibility through a $15 million reduction in ABL reserves, which increases availability by the same amount. The $15 million reduction in reserves will be applicable for a one-year period. Also, the term of the current ABL facility will be extended for one year to March 2018.
Tembec is a manufacturer of forest products, including lumber, pulp, paper and specialty cellulose, and practices sustainable forest management. Principal operations are in Canada and France. Tembec has some 3,500 employees and annual sales of approximately $1.6 billion.