Tembec is a manufacturer of forest products - lumber, pulp, paper and specialty cellulose - and a global leader in sustainable forest management practices.
Tembec amends and extends its asset-based secured revolving credit facility
Tembec has amended its asset-based secured revolving credit facility (the "ABL Facility") with GE Capital and CIBC. The amending agreement provides the Company with additional flexibility through a $15 million reduction in ABL reserves which increases availability by the same amount. The $15 million reduction in reserves will be applicable for a one-year period. Also, the term of the current ABL Facility will be extended for one year to March, 2018.
Jun 27, 2014. /Lesprom Network/. Tembec has amended
its asset-based secured revolving credit facility (the "ABL
Facility") with GE Capital and CIBC. The amending agreement provides the
Company with additional flexibility through a $15 million reduction in ABL
reserves which increases availability by the same amount. The $15 million
reduction in reserves will be applicable for a one-year period. Also, the term
of the current ABL Facility will be extended for one year to March, 2018, as
the company said in the press release received by Lesprom Network.