Vancouver, British Columbia, Canada, 14 December 2010 -- (Marketwire) -- Western Forest Products Inc. (TSX:WEF - News) announced today that it has finalized agreements to amend both its term loan and revolving credit line facilities.
Under the terms of the amended term loan agreement, the maturity dates of Western's CAD 75 million revolving term loan and CAD 32 million nonrevolving term loan have been extended to 14 June 2013 and 14 December 2012, respectively. In addition to the extended maturities, pricing for the term loans has significantly improved.
Under the terms of the amended revolving credit line agreement, the new maturity date has been extended to 14 December 2015 and overall availability has improved. All other terms and conditions of the credit facilities remain substantially unchanged.
"We appreciate the confidence and support of our lenders as we continue to execute our business plan. These amendments further strengthen Western's financial position and will allow us to pursue our longer term strategies that have been placed on hold as a result of the global recession," said Dominic Gammiero, Western's CEO.
Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer. Western has an annual available harvest of approximately 7.4 million cubic meters of timber, of which approximately 7.1 million cubic meters is from Crown lands, and lumber capacity in excess of 1.5 billion board feet from eight sawmills and four remanufacturing plants. Principal activities conducted by the company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips, and value-added remanufacturing. Substantially all of Western's operations, employees, and corporate facilities are located in the coastal region of British Columbia, and its products are sold in more than 25 countries worldwide.