Fraser Papers has secured an increase in its revolving credit facility with CIT Business Credit Canada.
Fraser Papers has secured an increase in its revolving credit facility with CIT Business Credit Canada.
Maximum borrowings available under the amended facility will be increased by $50 million to a total of $140 million, and will be for 120 days, on substantially the same terms as the existing facility. The increased amount will help the company redeem the $68 million of 8.75% Senior Notes outstanding. On June 4, 2007, Fraser announced that it had started an offer to buy all outstanding Senior Notes and that offer expired on July 26, 2007. The company is now considering a number of financing alternatives to repay increased borrowings under the facility.
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