Conifex Timber Inc. ("Conifex") has completed a $10 million secured revolving credit facility with Wells Fargo Capital Finance Corporation Canada. The facility is available for a term of 3 years and is substantially secured by Conifex's lumber segment inventory, equipment and accounts receivable. The facility will bear interest at CDOR or LIBOR plus a margin of 3.50% and contains an accordion feature to increase the limit of the facility to $15 million, subject to certain conditions.
Conifex intends to utilize the facility for working capital, capital expenditures and other general corporate purposes.
Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution.
