Interfor has priced $50 million in long-term debt financing with Prudential Capital Group.
The senior secured notes will carry an annual interest rate of 3.34% and have a final maturity in 2030. The financing is expected to close in March and the proceeds will be used for general corporate purposes.
“This transaction will further strengthen our financial position by locking in additional long-term debt at a very attractive interest rate,” said Mike Standbrook, vice president and corporate treasurer at Interfor.
“Following completion of this financing, Interfor’s long-term debt will have a weighted average interest rate of 4.24% with maturities that are primarily in the years 2024-2030.”