The need for this amendment arises in the wake of a significant downturn in the lumber market, where Benchmark SPF lumber prices saw a 50% reduction in 2023, leading to a negative EBITDA for Conifex.
Credits
The 30-year fixed-rate mortgage remained below 7% for the second week in a row.
It refinances 2 backup facilities of Euro 2.5 and Euro 1.5 billion which were due to mature in December 2024.
The purchase application activity has risen to levels comparable to mid-September when rates were similar to the current levels.
The loan supports investments in the modernisation and upgrade of a bioproduct mill, including the replacement of a recovery boiler.
For the third consecutive week, mortgage rates have moved lower, supported by data suggesting a decrease in inflationary pressures.
Economists have cautioned against viewing rising retail sales as a turning point, emphasizing the need for sustained income growth and an improving housing market to boost long-term consumption.