TORONTO, July 19, 2012 /CNW Telbec/ - GE Capital, Canada announced that it has refinanced the existing revolving term loan facility provided to Western Forest Products Inc. (TSX: WEF). The facility has been increased by $35 million to a total of $110 million.
With products sold in over 25 countries worldwide, Western is the largest coastal British Columbia woodland operator and lumber producer. Principal activities conducted by the company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips and value-added remanufacturing.
"Through increased availability and extended terms, this facility will provide our company with additional flexibility to execute our strategic capital plan," said Dominic Gammiero, Western's Chairman and CEO. "We appreciate GE Capital's confidence and support as we continue to implement our long-term growth strategies to position Western well for the future."
"We are pleased to continue to help Western Forest Products in reaching their business goals," said Ellis Gaston, managing director, GE Capital, Corporate Finance, Canada. "We leverage our industry knowledge, expertise and financial capabilities in order to provide customers such as Western with customized and flexible credit facilities that help them concentrate on growing their businesses."
About GE Capital, Canada
With more than 20 offices throughout Canada, GE Capital (gecapital.ca) offers a wide variety of financial products and services to address commercial financing and fleet management needs in all phases of a business' lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our wealth of industry expertise and develop custom solutions for your company. Some of the industry sectors we specialize in include transportation, construction, healthcare, agriculture, forestry, manufacturing, oil & gas, wholesale & retail, restaurant and hotel franchise.
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
For further information:
GE Capital, Canada