Resolute Concluded ABL Credit Facility Extension
The facility is provided by a syndicate of six banks, where Bank of America acts as administrative agent and collateral agent.
SEATTLE (Scrap Monster): Resolute Forest Products Inc. (RFP) announced reset of the five-year maturity of its asset-based revolving credit facility (ABL credit facility), by extending it to December 2026. Apart from an aggregate lender commitment of up to $450 million at any time outstanding, the facility also comprises an Environmental, Social and Governance (ESG) module with targets to be agreed upon with the bank syndicate.
According to company press release, the extension of the ABL credit facility includes a number of modifications, including a LIBOR transaction. The $450 million facility includes a $250 million tranche available to Resolute’s U.S. and Canadian borrowers and a $200 million tranche available only to U.S. borrowers. Also, the facility includes $60 million swing-line sub-facility and a $200 million letter of credit sub-facility. The facility is provided by a syndicate of six banks, where Bank of America acts as administrative agent and collateral agent.
Remi G. Lalonde, President and Chief Executive Officer, RFP stated that the extension improves certain terms and conditions in addition to supporting the execution of its growth and transformation initiatives for the future. The new ESG module will drive economic activity, in a sustainable and responsible way, he added.
YOU MAY ALSO BE INTERESTED IN:
- AF&PA: U.S. Packaging Paper Shipments Fall in November as Printing-Writing Demand Remains Weak
- U.S. Lumber Coalition Comments on Much-Needed Canadian Mill Production Cuts
- Ottawa launching softwood lumber task force aimed at industry competitiveness
- Weyerhaeuser Targets $1.5B EBITDA Boost Under 2030 Growth Plan