Sep 04, 2012. /Lesprom Network/. Cascades Inc. has entered into an agreement with its banking syndicate to extend and amend certain conditions of its existing $750 million revolving credit facility, as the company said in a press release received by Lesprom Network. The amendment provides that the term of the facility will be extended by one year to February 2016 and that the applicable pricing grid will be adjusted to better reflect market conditions. As a result, outstanding borrowing costs will be reduced by 37.5 basis points at the Corporation's current credit rating. The other existing financial conditions will remain unchanged. According to Allan Hogg, Vice-President and CFO: "We are pleased with the continued commitment from our banking syndicate which unanimously supported the proposed amendment. This vote of confidence represents one more step in our ongoing efforts to improve our financial performance and flexibility. Not only will we benefit from a lower cost of borrowing, with cash availability standing at approximately $300 million as well as no significant debt maturity until 2016, I am confident that we have the resources necessary to continue executing our strategic plan." Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres.