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Rubber and Wood July 23, 2021 06:00:00 PM

Western Forest Products Announced Transition to Sustainability-Linked Credit Facility

Paul Ploumis
ScrapMonster Author
Also, it incorporates incentive pricing terms that allow reducing or increasing the company’s borrowing costs by up to 5 basis points.

Western Forest Products Announced Transition to Sustainability-Linked Credit Facility

SEATTLE (Scrap Monster): Western Forest Products Inc. (WFP) announced the transition of its existing credit facility into a $250 million Sustainability-Linked credit facility. The move testifies the company’s ongoing commitment to sustainability initiatives.

The maturity of the Amended Credit Facility has now been extended to 21st July, 2025. The accordion feature in the new facility will allow the company to available aggregate amount to up to $350 million, subject to approval by lenders. Moreover, the pricing grid and covenant package will empower WFP to provide increased flexibility to pursue its strategic priorities. Also, it incorporates incentive pricing terms that allow reducing or increasing the company’s borrowing costs by up to 5 basis points.

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The Amended Credit Facility will be used by the company to support the execution of its strategic growth initiatives and also for general corporate purposes.

The company was assisted by The Royal Bank of Canada in successfully integrating the sustainability-linked goals to the Amended Credit Facility. The other members of the lending syndicate included The Bank of Nova Scotia as Co-Lead Arranger, Canadian Imperial Bank of Commerce, Well Fargo Bank and The Toronto-Dominion Bank.

Don Demens, President and Chief Executive Officer, WFP noted that the direct alignment of borrowing costs to sustainability-linked goals will lead to notable advancement of its sustainability and ESG initiatives.

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