KINGSEY FALLS, QC, Dec. 11, 2020 /PRNewswire/ - Cascades Inc. (TSX: CAS) (the "Company"), a leader in eco-friendly recycling, packaging and hygiene solutions, announced today that its 86.3% owned subsidiary, Greenpac Mill, LLC ("Greenpac") 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 US$75 million term loan and a US$50 million revolver. The principal amount outstanding under the term loan was reduced from US$121 million to US$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% 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. Driven by its participative management, half a century of experience in recycling, and continuous research and development efforts, Cascades continues to provide innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS
SOURCE Cascades Inc.