Pacific Lumber amends revolver to reassign part of commitment, appoint collateral agent

By Caroline Salls

Pittsburgh, Oct. 16 -The Pacific Lumber Co. and subsidiary Britt Lumber Co., Inc. entered into an amendment to their revolving credit agreement and guarantee and collateral agreement that reassigns a portion of the commitment and names a collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The lenders are Marathon Structured Finance Fund LP and LaSalle Business Credit, LLC, as well as LaSalle Bank NA.

The amendment provides for the assignment by Marathon of $30 million of its $60 million revolving credit commitment to LaSalle Business Credit.

The amendment also provides for the appointment of LaSalle Business Credit as collateral agent for the revolving credit facility and the appointment of LaSalle Bank as the issuing lender with respect to letters of credit issued under the revolving credit facility.

As collateral agent, LaSalle Business Credit will perform some functions previously performed by Marathon, which will continue to act as administrative agent for the revolving credit facility.

Pacific Lumber is a Scotia, Calif.-based producer of redwood lumber.

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