Business
West Fraser enters into $150 Million Committed Revolving Credit Facility and adopts Shareholder Rights Plan
West Fraser enters into $150 Million Committed Revolving Credit Facility and adopts Shareh...
About this update from West Fraser Timber Co. Ltd.
[{"type":"text","content":"\n\n\n\nWest Fraser enters into $150 Million Committed Revolving Credit Facility and adopts Shareholder Rights Plan\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, April 9, 2020\n\n\n\nVANCOUVER, April 9, 2020 /CNW/ - West Fraser Timber Co. Ltd. (\"West Fraser\" or the \"Company\") announced today that it has obtained from a syndicate of lenders an additional $150 million committed revolving credit facility.  This committed facility has a term of two years and is made available on substantially the same terms and conditions as the Company's existing syndicated revolving credit facility from certain lenders that are part of that syndicate.  The facility can be used for general corporate purposes.  \"Our strong balance sheet and additional liquidity further strengthens our ability to weather the impacts of the COVID-19 pandemic.  Our low cost manufacturing operations, coupled with our product and geographic diversification leaves us well positioned.\" said Ray Ferris, President and CEO of West Fraser.  As at March 31, 2020, West Fraser's total available liquidity, consisting of cash on hand and availability under its revolving credit facilities, was approximately $294 million, and, taking into account the availability of the new $150 million revolving credit facility as of such date, would have been approximately $444 million.\nWest Fraser also announced today that it has adopted a shareholder rights plan (the \"Rights Plan\") effective April 9, 2020.  The Rights Plan has been adopted to ensure, to the extent possible, that all shareholders of the Company are treated fairly in connection with any take‑over bid for the Company and to protect against \"creeping bids\", which involve the accumulation of more than 20% of the Company's Common shares through purchases exempt from applicable take‑over bid rules.\nPursuant to the Rights Plan, one right attaches to each issued and outstanding Common share of West Fraser.  Subject to the terms of the Rights Plan, the rights become exercisable in the ...