VANCOUVER, British Columbia, Feb. 18, 2020 (GLOBE NEWSWIRE) -- INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) today announced it has priced US$50 million in long-term debt financing with Prudential Capital Group. The senior secured notes will carry an annual interest rate of 3.34% and have a final maturity in 2030. The financing is expected to close in March and the proceeds will be used for general corporate purposes.
“This transaction will further strengthen our financial position by locking in additional long-term debt at a very attractive interest rate,” said Mike Standbrook, Vice President and Corporate Treasurer at Interfor. “Following completion of this financing, Interfor’s long-term debt will have a weighted average interest rate of 4.24% with maturities that are primarily in the years 2024-2030.”
FORWARD-LOOKING STATEMENTS
This release contains forward-looking information about the Company’s business outlook, objectives, plans, strategic priorities and other information that is not historical fact. A statement contains forward-looking information when the Company uses what it knows and expects today, to make a statement about the future. Generally, statements containing forward-looking information can be identified by the use of words such as: believe, expect, intend, forecast, plan, target, budget, outlook, opportunity, risk, strategy or variations or comparable language, or statements that certain actions, events or results may, could, would, should, might, or will occur or not occur. Readers are cautioned that actual results may vary from the forward-looking information in this release, and undue reliance should not be placed on such forward-looking information. Risk factors that could cause actual results to differ materially from the forward-looking information in this release are described in Interfor’s annual Management’s Discussion & Analysis under the heading “Risks and Uncertainties”, which is available on www.interfor.com and under Interfor’s profile on www.sedar.com. Material factors and assumptions used to develop the forward-looking information in this release include assumptions regarding interest rates and the availability of debt financing. Unless otherwise indicated, the forward-looking information in this release is based on the Company’s expectations at the date of this release. Interfor undertakes no obligation to update such forward-looking information, except as required by law.
ABOUT INTERFOR
Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual lumber production capacity of approximately 3.0 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.
For further information:
Martin L. Juravsky, Senior Vice President and Chief Financial Officer
(604) 689-6873
Or
Mike Standbrook, Vice President and Corporate Treasurer
(604) 451-2828