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Under the terms of the commitment, $35 million will be added to the Company's Revolving Term Line, bringing the amount available under that facility to $150 million. The maturity date of the line remains unchanged at April 24, 2011.
In addition, the maturity date of the Company's Operating Line of Credit will be extended from April 24, 2009 to April 23, 2010. The amounts available under the Operating Line will be reduced from a maximum of $100 million to $65 million. The Company's Non-Revolving Term Line of US$35 million remains unchanged, maturing September 1, 2010.
The modifications will enable the Company to fully utilize its credit lines during periods of reduced operating activity and is expected to be sufficient to meet the Company's 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" 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.
SOURCE: International Forest Products Limited
International Forest Products Limited John A. Horning, Sr. Vice President, Chief Financial Officer and Corporate Secretary (604) 689-6829 Website: www.interfor.com
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