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Interfor Provides Update on Recent Business Initiatives

General News

Interfor Corporation (“Interfor” or the “Company”) announced an update regarding its recent business initiatives.

Completion of US$100 Million of Long-Term Debt Financing

The Company has completed the previously announced US$100 million of long-term debt financing with Prudential Private Capital. These senior secured notes carry an average interest rate of approximately 3.30% and have a final maturity in 2030. As a result of the transaction, Interfor’s available liquidity as of March 26, 2020 is greater than $400 million, which is comprised of cash balances and availability under its $350 million bank credit facility.

Expansion of Production Curtailments

On March 18, 2020, Interfor announced that it would temporarily reduce production across its operations in British Columbia, the Pacific Northwest and the US South. These curtailments were planned for a two-week period. In order to focus on the ongoing safety and health of Interfor’s employees and as a result of the lumber market disruption, the Company will further reduce sawmill production, which will total approximately 50 million board feet for the week of March 30, 2020. The Company will continue to evaluate and adjust production based on evolving market conditions and employee safety considerations. During this period, the Company will continue to sell and ship lumber from inventory in order to align with its customers.

About Interfor

Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual lumber production capacity of approximately 3.0 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.

Contact:

Ian Fillinger – Presdient & CEO – (604) 689-6800

Source Interfor Corporation