GE Capital Provides $110 Million to Western Forest Products
GE Capital, Canada announced that it has refinanced the existing revolving term loan facility provided to Western Forest Products Inc. (TSX: WEF). The facility has been increased by$35 million to a total of $110 million.
With products sold in over 25 countries worldwide, Western is the largest coastal British Columbia woodland operator and lumber producer. Principal activities conducted by the company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips and value-added remanufacturing.
“Through increased availability and extended terms, this facility will provide our company with additional flexibility to execute our strategic capital plan,” said Dominic Gammiero, Western’s Chairman and CEO. “We appreciate GE Capital’s confidence and support as we continue to implement our long-term growth strategies to position Western well for the future.”
“We are pleased to continue to help Western Forest Products in reaching their business goals,” said Ellis Gaston, managing director, GE Capital, Corporate Finance, Canada. “We leverage our industry knowledge, expertise and financial capabilities in order to provide customers such as Western with customized and flexible credit facilities that help them concentrate on growing their businesses.”