Interfor closes debt financing
Dec. 19, 2014, Vancouver - Interfor Corporation it has completed a $50 million USD term debt financing with Prudential Capital Group. The senior secured notes will carry an annual interest rate of 4.02% and have a final maturity of June 26, 2023. This term financing will reduce the Company's outstanding floating rate bank debt. The total available credit under the Company's syndicated bank facilities remains at $315 million CDN.
"This transaction is a very important step for Interfor, as it allows the Company to extend its debt maturities and to take advantage of historically low interest rates," said John Horning, Executive Vice President and Chief Financial Officer. "We are very pleased to build on our long-term relationship with Prudential Capital Group."
"We are excited to continue building on our relationship with Interfor, a company we view 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 additional long-term capital to support the company's growth strategy."