GreenFirst Forest Products extended its asset-based lending facility with Bank of Montreal (BMO). The extension provides for a senior secured facility of $60 million combined with an accordion for an additional $65 million and will provide GreenFirst with enhanced liquidity and financial flexibility to support its ongoing growth and strategic initiatives through to September 2028.
“We are excited about this extension of our asset-based lending facility, which provides us with the financial flexibility to pursue our recently announced $50 million strategic expenditures plan,” Joel Fournier, CEO of GreenFirst, said. “As of the end of Q3 2024, $27 million was drawn on the facility. However, with over $53 million funds raised through the closing of the rights offering, the sale of the Kenora lands, and the sale of our 2021 and 2022 duties, we are now in a position to fully access the facility combined with cash on hand, putting us in an excellent position to move forward with our strategic initiatives and brings us closer to achieving our goal of becoming a top-quartile lumber producer.”
