Conifex Timber Inc. Announces Board Appointments; Announces New Credit Facility
The company also announced that new credit facility consists of a $165.0 million term loan facility and a $60.0 million revolving credit facility with a term of five years. Availability under the revolving credit facility is determined by a borrowing base tied to eligible accounts receivable and inventory. In addition to financing a part of the purchase price under the transaction, a portion of the New Credit Facility was utilized to pay and retire the company's existing credit facility. The new credit facility is secured by substantially all of the assets of Conifex and its subsidiaries other than the Mackenzie power plant and Conifex's interest in a joint venture that holds a forest licence in British Columbia.