Fortress Paper announces US$5M credit agreement

Fortress Paper
January 02, 2018
By Fortress Paper
Jan. 2, 2018 - Fortress Paper Ltd. has reported that its wholly-owned subsidiary, Fortress Specialty Cellulose Inc. (FSC), has entered into a credit agreement with a private arm’s length lender, who will provide a secured revolving credit facility in the principal amount of up to US$5 million to FSC, subject to certain borrowing base restrictions.

The loan will mature on Dec. 30, 2020 and will accrue interest at a rate of LIBOR plus 5.75 per cent per annum.

The loan is secured by FSC’s wood fibre inventory located at the FSC mill, consisting of round wood, wood chips, and dissolving pulp and excluding certain non-eligible inventory.

FSC intends to use the proceeds of the loan for general corporate purposes.

Add comment

Note: By submitting your comments you acknowledge that Pulp and Paper Canada has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that due to the volume of e-mails we receive, not all comments will be published and those that are published will not be edited. However, all will be carefully read, considered and appreciated.

Security code

Subscription Centre

New Subscription
Already a Subscriber
Customer Service
View Digital Magazine Renew

Most Popular

Latest Events

BIOFOR International 2019
February 4-7, 2019
PaperWeek Canada 2019
February 4-7, 2019
March 24-26, 2019
PaperCon 2019
May 5-8, 2019

We are using cookies to give you the best experience on our website. By continuing to use the site, you agree to the use of cookies. To find out more, read our Privacy Policy.