International Forest Products Limited
TSX : IFP.A

International Forest Products Limited

December 14, 2009 19:36 ET

Interfor Increases and Extends its Credit Facilities

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2009) - International Forest Products Limited ("Interfor" or the "Company") (TSX:IFP.A) announced today it has obtained a commitment from its lending syndicate to increase and modify its credit facilities, effective January 2010.

Under the terms of the commitment, $50 million will be added to the Company's Revolving Term Line, bringing the amount available under that facility to $200 million. The maturity date of the line will be extended from April 24, 2011 to February 28, 2012. As part of the modification, the Company will repay and cancel its existing Non-Revolving Term Line of US$35 million.

In addition, the maturity date of the Company's Operating Line of Credit will be extended from April 23, 2010 to February 28, 2011. The amounts available under the Operating Line will remain unchanged at $65 million. 

The Company will have $265 million in total credit facilities after completion of the modifications which it believes will be sufficient to meet its foreseeable requirements.

About Interfor

Interfor is one of the Pacific Northwest's largest producers of quality wood products. The Company has operations in British Columbia, Washington and Oregon, including two sawmills in the Coastal region of British Columbia, three in the B.C. Interior, two in Washington and two in Oregon. For more information about Interfor, visit our website at www.interfor.com.

Forward-Looking Statements

This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "will", "believes" and "is expected" and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor's actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among others: general economic and business conditions, product selling prices, raw material and operating costs, changes in foreign-currency exchange rates and other factors referenced herein and in Interfor's current annual report and management information circular available on www.sedar.com. The forward-looking information and statements contained in this report are based on Interfor's current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.

Contact Information

  • International Forest Products Limited
    John A. Horning, Sr. Vice President,
    Chief Financial Officer and Corporate Secretary
    604-689-6829
    www.interfor.com