Cascades adds loan and increases credit facility to $1B

P&PC Staff
January 02, 2019
By P&PC Staff
January 2, 2019 – Cascades has increased its authorized credit facility to approximately CAN$1 billion to incorporate the addition of a US$175 million seven-year term loan, which the company says will provide more financial flexibility and reduce financing costs.

The term loan, which can be repaid at any time, will be used to repay certain outstanding borrowings under Cascades' existing credit facility. No additional assets were required as security.

"This agreement increases our financial flexibility, reduces our interest costs and supports our efforts to continue reinforcing our financial profile," says Allan Hogg, vice-president and chief financial officer of Cascades. "Moreover, the seven-year term provides us with funding security over a longer timeframe, without requiring modification to the terms and covenants of our existing agreement."

The agreement is supported by the company's existing banking syndicate and the term loan is underwritten by CoBank, ACB and American AgCredit, PCA.

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