VANCOUVER, BC, Sept. 27,
2024 /CNW/ - Canfor Corporation (TSX:CFP) announced
today that it and certain of its subsidiaries (collectively,
"Canfor") have entered into an approximately USD$315 million loan agreement with an affiliate
of Farallon Capital Management, L.L.C. and received all advances
thereunder, totaling approximately US$232
million. The loan is secured by certain accounts receivable
related to countervailing and anti-dumping duties paid to the US
government. The borrowings under the loan have terms of four and
eight years, and each can be extended at Canfor's option for two
additional ten-year terms.
Canfor anticipates the repayment of the loan, including all
interest and principal payments, will be met by refunds and
interest receivable out of duty refunds from the US government.
Canfor has made total deposits related to countervailing and
anti-dumping duties of USD$726
million through the end of August
2024 and retains the right to duty refund distributions that
exceed the obligations under the loan agreement.
Forward-looking statements.
Certain statements in this press release constitute
"forward-looking statements" which involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any future results, performance or
achievements expressed or implied by such statements. Words such as
"expects", "anticipates", "projects", "intends", "plans", "will",
"believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are
based on management's current expectations and beliefs and actual
events or results may differ materially. There are many factors
that could cause such actual events or results expressed or implied
by such forward-looking statements to differ materially from any
future results expressed or implied by such statements.
Forward-looking statements are based on current expectations and
Canfor assumes no obligation to update such information to reflect
later events or developments, except as required by law.
About Canfor Corporation.
Canfor is a global leader in the manufacturing of high-value
low-carbon forest products including dimension and specialty
lumber, engineered wood products, pulp and paper, wood pellets and
green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces
renewable products from sustainably managed forests, at more than
50 facilities across its diversified operating platform in
Canada, the United States and Europe. The Company has a 70% stake in Vida
AB, Sweden's largest privately
owned sawmill company and also owns a 54.8% interest in Canfor Pulp
Products Inc. Canfor shares are traded on The Toronto Stock
Exchange under the symbol CFP. For more information visit
canfor.com.
SOURCE Canfor Corporation