Interfor closed an early renewal and expansion of its revolving credit facility with a syndicate of Canadian and U.S. banks co-led by RBC Capital Markets, TD Securities and Wells Fargo.

The commitment amount under the facility was increased by C$150 million ($116.1 million) to a total of C$500 million ($387 million), and the term of the facility as 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.

At Sept. 30, Interfor had C$836 million ($647.1 million) of available liquidity, including C$509 million ($394 million) of cash on hand, and that availability will be increased by C$150 million ($116.1 million) on a pro forma basis under the new facility. The increase will provide the company with financial capacity to complete its previously announced acquisition of EACOM Timber Corporation in early 2022 and provide additional flexibility to continue to pursue its growth agenda.