Tembec Industries Inc. announced that it has put in place a new working capital loan facility with CIT Business Credit Canada Inc. (CIT), the Canadian asset-based lending unit of CIBC World Markets and CIT Group Inc. Owned equally by CIBC World Markets and CIT Group Inc., CIT will act as administrative agent and collateral agent for a syndicate of lenders.
The loan facility announced today is a three-year committed revolving line of C$150m and will help ensure that the company will continue to have the financial resources and liquidity it requires. Tembec is confident that this new relationship with CIT will provide substantial benefits to the company over the next three years. The new line replaces a C$140m operating facility that had been renewed annually since 2000.
Tembec is a leading integrated forest products company, well established in North America and France.
Source: CNW Telbec
