Press release from Marketwire
Interfor Completes Debt Financing with Prudential Capital Group
US$50 Million - 4.33% Senior Secured Notes Due 2023
Wednesday, June 26, 2013
Interfor Completes Debt Financing with Prudential Capital Group17:08 EDT Wednesday, June 26, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 26, 2013) - INTERNATIONAL FOREST PRODUCTS LIMITED ("Interfor" or the "Company") (TSX:IFP.A) announced today it has completed a US$50 million term debt financing led by Prudential Capital Group. The senior secured notes will carry an annual interest rate of 4.33% and have a final maturity of June 26, 2023. This term financing will reduce the Company's existing floating rate bank debt.
"This transaction is a very important step for Interfor, as it allows the Company to significantly extend its debt maturities and to take advantage of historically low interest rates," said John Horning, Senior Vice President and Chief Financial Officer. "We are also very pleased to establish a long-term relationship with Prudential, as they have a significant track record in the forestry sector."
"We are excited to be working with Interfor, a company we have long viewed as one of the leaders in the forest products industry," said David Levine, Vice President, Prudential Capital Group. "We have forged a strong relationship with Interfor over the years, and are very pleased to be able to provide long-term capital to support the company's growth strategy."
This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "will" and "is expected" and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor's actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among others: general economic and business conditions, product selling prices, raw material and operating costs, changes in foreign-currency exchange rates, and other factors referenced herein and in Interfor's Annual Report and Management Information Circular available on www.sedar.com. The forward-looking information and statements contained in this report are based on Interfor's current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.
Interfor is a leading global lumber supplier, with annual capacity of more than two billion board feet, and one of the most diverse lines of lumber products in the world. The Company has operations across North America and is headquartered in Vancouver, Canada. For more information about Interfor, visit our website at www.interfor.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Forest Products Limited
Senior Vice President and Chief Financial Officer