Taiga Building Products Ltd. has amended and renewed its senior secured revolving credit facility with a syndicate of lenders led by JPMorgan Chase Bank and including the Bank of Montreal, Scotiabank, TD Bank and HSBC Bank.
The facility has been increased from $225 million to $250 million, with an option to increase the limit by up to $50 million. The facility also features the ability to draw on additional term loans in an aggregate amount of approximately $23 million at favourable rates, which Taiga may utilize for future growth or expansion opportunities.
The facility will mature on June 28, 2023 and is secured by a first perfected security interest in all real and personal property of the Company and certain of its subsidiaries.
Trent Balog, President and CEO of Taiga, commented: "We value the continued support of our senior lenders. The expanded and renewed lending facility reflects the strength of our business and provides us with enhanced financial flexibility to pursue strategic opportunities as they arise."
Taiga produces preserved lumber at three plants strategically located to service the Canadian market. As well, Taiga exports products into markets in Asia, Central and South America, and the Middle East.
