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Western Forest Products Further Demonstrates Its Sustainability Commitment with Closing of Sustainability-Linked Credit Facility
Western Forest Products Further Demonstrates Its Sustainability Commitment with Closing o...
About this update from Western Forest Products Inc.
[{"type":"text","content":"\n \n \n \n Western Forest Products Further Demonstrates Its Sustainability Commitment with Closing of Sustainability-Linked Credit Facility\n \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 Canada NewsWire\n \n \n \n \n \n TSX: WEF\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n July 21, 2021\n \n /CNW/ - Western Forest Products Inc. (TSX: WEF) (\"Western\" or the \"Company\") announced today the transition of its current Credit Facility into a\n \n $250 million\n \n Sustainability-Linked Credit Facility (the \"Amended Credit Facility\"), further demonstrating Western's leadership in sustainability.\n \n \n \n \n \n \n \n \n \n As part of the transition, the maturity of the Amended Credit Facility has been extended to\n \n July 21, 2025\n \n and will continue to include an accordion feature which allows Western to increase the aggregate amount available up to\n \n $350 million\n \n , subject to lender approval. The pricing grid and covenant package of the Amended Credit Facility is consistent with the current Credit Facility and will provide increased flexibility for Western to execute on its strategic priorities.\n \n \n The Amended Credit Facility incorporates incentive pricing terms that can reduce or increase Western's borrowing costs by up to 5 basis points based on the outcome of various sustainability-linked goals. Western has selected goals that are linked to improving health and safety performance, increasing workforce diversity and advancing mutually beneficial First Nations relationships. These goals are consistent with Western's core values and strategic priorities.\n \n \n \"Our Sustainability-Linked Credit Facility further demonstrates Western's strong leadership and commitment to industry leading sustainability and ESG practices,\" said\n \n Don Demens\n \n , President and Chief Executive Officer. \"By aligning the borrowing costs of our Credit Facility directly to sustainability-linked goals, we are holding ourselves accountable to continuous improvement and advancement of our sustainability and ESG initiatives.\"\n \n \n The Company plans to utilize t...