RBC closes C$65M asset-backed revolving credit facility with GreenFirst Forest Products and Lumber Assets Holdings
August 28, 2021
65.00 Million CAD
On August 28, 2021, GreenFirst Forest Products (QC) Inc. and Lumber Assets Holdings L.P. entered into a $65 million asset-based revolving credit facility (ABL credit facility) with Royal Bank of Canada (RBC), as administrative agent, and CIBC and Wells Fargo, as lenders, for working capital and other general corporate purposes.
The ABL credit facility closed concurrently with the acquisition by GreenFirst Forest Products from Rayonier Advanced Materials of all of its lumber and newsprint facilities and related assets in Ontario and Quebec, including six lumber mills located in Chapleau, Cochrane, Hearst and Kapuskasing in Ontario and in Béarn and La Sarre in Québec and one newsprint mill located in Kapuskasing, Ontario.
McCarthy Tétrault LLP advised RBC and the lending syndicate with a team led by Noel Chow and Richard Higa that included Lisa Timmins, Stacey Hogan (Financial Services), Alexandre Saulnier-Marceau (Business), Danielle Gagnon and Ryan Kady (Real Estate).