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Tembec Amends ABL Facility With GE Capital, CIBC

June 27, 2014, 07:24 AM
Filed Under: Forest Products

Tembec (the "Company") announced that it has successfully amended its asset-based secured revolving credit facility with GE Capital and CIBC (the "Lenders). The amending agreement provides the Company with additional flexibility through a $15 million reduction in ABL reserves which increases availability by the same amount. The $15 million reduction in reserves will be applicable for a one-year period. Also, the term of the current ABL Facility will be extended for one year to March, 2018.

Tembec is a manufacturer of forest products - lumber, pulp, paper and specialty cellulose - and a global leader in sustainable forest management practices. Principal operations are in Canada and France. Tembec has some 3,500 employees and annual sales of approximately $1.6 billion.

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