Apr 02, 2013. /Lesprom Network/. Conifex Timber Inc. has completed a $25 million senior secured revolving asset backed credit facility (the "Facility") with a leading Canadian chartered bank. The Facility is available for a term of 3 years, as the company said in a press release received by Lesprom Network.

A portion of the Facility, together with cash on hand, was used to repay in full the previously issued 12% senior secured notes of the Company in the principal amount of $12 million. Conifex intends to utilize the Facility for working capital and for other permitted general corporate purposes.

Kenneth Shields, the president and CEO of the Company, stated: "Securing these new credit facilities importantly reflects the productivity gains we have been achieving in 2013. Lumber production has been running at an annual rate of 480 million board feet, compared to 2012 production of 424 million board feet."

Conifex Timber and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution.