Western Forest Products entered into an amendment to its $250 million syndicated credit facility to allow for the concurrent closing of a new $30 million bilateral term loan with Royal Bank of Canada. The term loan has an initial maturity of July 21, 2028, with the potential to extend the term for a total of up to 90 months, and is incremental to the company’s existing $250 million syndicated credit facility.
The term loan is guaranteed by Business Development Canada under its Softwood Lumber Guarantee Program and is subject to the same financial covenants as the existing credit facility, which remain unchanged. Proceeds from the term loan will be used to repay outstanding drawings of the credit facility.
