Cascades refinances credit agreement
October 31, 2005 By Pulp & Paper Canada
Cascades has completed the refinancing of its $500 million revolving credit facility. Originally established in Feb…
Cascades has completed the refinancing of its $500 million revolving credit facility. Originally established in February of 2003, the new $550 million facility includes a $450 million five-year revolving facility and a seven-year $100 million term facility. The seven-year facility can be reimbursed without penalty at the company’s option, any time prior to maturity.
“This credit facility is very good news for Cascades and our various stakeholders,” said Alain Lemaire, president and CEO. “Not only will it provide increased financial flexibility through improved financial covenants while reducing interest expenses, it will extend the maturity date originally scheduled for February 2007 until October 2010 for the revolving facility and to October 2012 for the term facility.”
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