Western Forest Products extends C$250 million revolver, adds sustainability goals

By Wendy Van Sickle

Columbus, Ohio, July 21 – Western Forest Products Inc. announced it extended the maturity date of its C$250 million revolving credit facility to July 21, 2025 and is transitioning the revolver to a sustainability-linked credit facility.

An accordion feature continues to provide for the revolver to be increased to up to C$350 million, according to a press release.

The amended credit facility incorporates incentive pricing terms that can reduce or increase Western's borrowing costs by up to 5 basis points based on the outcome of various sustainability-linked goals.

Western has selected goals linked to improving health and safety performance, increasing workforce diversity and advancing mutually beneficial First Nations relationships.

The company plans to utilize the credit facility to support the execution of its strategic growth initiatives and for general corporate purposes.

Royal Bank of Canada acted as bookrunner, administrative agent, sustainability structuring agent and a co-lead arranger along with Bank of Nova Scotia.

Western Forest is an integrated Canadian forest products company based in Vancouver, B.C.

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