Nov 01, 2005. /Lesprom Network/. Cascades Inc. announces it has completed the refinancing of its $500 million revolving credit facility originally put in place in February 2003. The new $550 million credit facility includes a $450 million five-year revolving facility and a seven-year $100 million term facility. The seven-year facility can be reimbursed without penalty, at the company’s option any time prior to maturity. The implementation of this credit facility has been completed with National Bank Financial Inc, Caisse de depot et placement du Quebec and Scotia Capital acting as co-lead arrangers of the syndicate, The Bank of Nova Scotia and National Bank of Canada acting as co-administrative agents, Caisse de depot et placement du Quebec acting as syndication agent and CIBC and Caisse Centrale Desjardins acting as co-documentation agents. Commenting the transaction, Mr. Alain Lemaire, president and chief executive officer of Cascades stated: "This new credit facility is very good news for Cascades and our various stakeholders. Not only will it provide increased financial flexibility through improved financial covenants while reducing interest expenses, it will extend the maturity date originally scheduled for February 2007 until October 2010 for the revolving facility and to October 2012 for the term facility.” Founded in 1964, Cascades produces, transforms and markets packaging products, tissue paper and fine papers, composed mainly of recycled fibres. Cascades employs nearly 15 600 men and women who work in some 140 modern and flexible production units located in North America, in Europe and in Asia. Cascades’ management philosophy, its more than 40 years of experience in recycling, its continued efforts in research and development are strengths which enable the company to create new products for its clients and thus offer superior performance to its shareholders.