Kingsey Falls, Quebec based Cascades has announced that its 86.3 percent owned subsidiary, Greenpac Mill, LLC has entered into an agreement to amend and restate its existing term loan and revolving credit facility that were scheduled to mature in May 2021. The amended credit facilities will mature in December 2023.
Wells Fargo Bank, National Association, Manufacturers and Traders Trust Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as Co-Lead Arrangers and Joint Bookrunners on the amended credit facilities, which consist of a $75 million term loan and a $50 million revolver. The principal amount outstanding under the term loan was reduced from $121 million to $75 million in connection with the amendment to the credit facilities.
Greenpac operates a state-of-the-art lightweight containerboard mill, located in Niagara Falls, New York, which manufactures lightweight linerboard made with 100 percent recycled fibres. The mill has an annual production capacity of 540,000 short tons and employs 168 people.
Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs approximately 12,000 women and men across a network of close to 90 facilities in North America and Europe.