Potlatch closes $250 million unsecured revolver with BofA, KeyBanc

By Jennifer Chiou

New York, Dec. 11 - Potlatch Corp. announced that it closed on a new $250 million senior unsecured revolving credit facility with a syndicate led by Bank of America Merrill Lynch and KeyBanc Capital Markets, Inc.

The five-year credit agreement also includes an optional commitment increase of up to $100 million, subject to certain conditions, according to a news release.

Potlatch said that this agreement replaces its existing secured credit agreement maturing in December 2013 with significantly improved terms.

"This new credit facility provides us additional financial flexibility and additional liquidity to operate the business," Eric Cremers, executive vice president and chief financial officer, said in the release.

Proceeds will be used to provide additional liquidity and pay for general corporate purposes.

Potlatch is a Spokane, Wash.-based timber real estate investment trust and wood products company.

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