Kap Paper, a wholly owned subsidiary of GreenFirst Forest Products, has entered into a loan agreement with a third party establishing a non-revolving term loan facility of up to $24 million to support its paper mill operations in the town of Kapuskasing. The loan is to be used for general working capital purposes.
“The financing will afford us the opportunity to move forward our long-term strategy for Kap Paper, ensuring its competitiveness,” Terry Skiffington, CEO of Kap Paper, said.
“The company’s sawmills in Kapuskasing, Hearst and Cochrane utilize Kap Paper’s operations as an outlet for their chips. The financial support is integral to the company’s long-term strategy,” Joel Fournier, CEO of GreenFirst, said.
