On June 29th, a working capital loan facility will come into effect at Tembec’s Spruce Falls Inc. The $190 million …
On June 29th, a working capital loan facility will come into effect at Tembec’s Spruce Falls Inc. The $190 million loan is being secured through a group of lenders made up of several Canadian banks and one new U.S. financier. The Toronto Dominion Bank will act as an administrative agent and TD Securities will be the lead arranger and book manager for the group of lenders.
The facility is a three-year committed revolving line and replaces the $100 million operating line that had been renewed annually since 2002. Tembec decided to avail itself of the loan so it can be guaranteed of access to the financial resources and liquidity it needs.
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