Resolute Forest Products Inc. has entered into an amended and restated senior secured credit agreement for up to $360 million, replacing the company's existing $185 million senior secured credit facility, as the company says in the press release received by Lesprom Network.
The amended and restated credit agreement includes a term loan facility of up to $180 million and a six-year revolving credit facility of up to $180 million. The term loan facility is available with a delayed draw period of up to three years, and the choice of maturities of six to ten years from the date of drawing.
"This renewal and upsize gives us an additional $175 million of liquidity – for over $740 million in total – and at very competitive rates, flexible terms and maturities of up to 13 years. Reflecting our strong financial situation, we renewed and upsized the facility without pledging any additional collateral," said Remi G. Lalonde, senior vice president and CFO.
At closing, the company repaid its $46.25 million term loan by borrowing under its new six-year revolving credit facility. Future borrowings under the senior secured credit facility will be used for general corporate purposes.
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products.
