Pope & Talbot Announces Completion of Refinancing
29 June 2006 - 10:48AM
Business Wire
Pope & Talbot, Inc. (NYSE:POP) today announced that it entered
into a credit agreement with Ableco Finance LLC and Wells Fargo
Financial Corporation Canada, relating to a $325 million senior
secured credit facility. The new credit facility consists of two
term loans for $250 million and a $75 million revolving credit
facility all due 2012. "We are very pleased to have concluded the
financing with Ableco and Wells Fargo Financial Corporation
Canada," stated Michael Flannery, Chairman and Chief Executive
Officer. "The 6-year term and excess availability provide the
Company with needed financial and operational flexibility."
Substantially all of the proceeds from the $250 million term loans
were used to repay outstanding borrowings under the Company's
existing Canadian and U.S. revolving credit facilities, the Halsey
pulp mill lease financings, and the Company's receivable sales
arrangement. The $75 million revolving credit portion consists of
$40 million of excess liquidity and $35 million for letters of
credit. The entire $325 million credit facility is secured by
substantially all of the assets of the Company and its
subsidiaries. Pope & Talbot is a pulp and wood products
company. The Company is based in Portland, Oregon and trades on the
New York Stock Exchange under the symbol POP. Pope & Talbot was
founded in 1849 and produces pulp and softwood lumber in the U.S.
and Canada. Markets for the Company's products include: the U.S.;
Europe; Canada; South America; Japan; and other Pacific Rim
countries. For more information on Pope & Talbot, Inc., please
check the website: www.poptal.com. Headquartered in Mississauga,
Ontario, Wells Fargo Financial Corporation Canada is a leading
national provider of financial products and services, including
mortgage financing and personal loans to Canadian consumers. Wells
Fargo Financial offers retail financing programs to national and
local retailers through a network of more than 3,400 merchants.
With 165 stores in all 10 provinces and 2,700 team members across
Canada, Wells Fargo Financial Corporation Canada, a $4.50 billion
(Cdn) corporation, is part of Wells Fargo & Company (NYSE:WFC).
More information about Wells Fargo Financial Corporation Canada is
available at www.wellsfargofinancial.ca.
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