Cascades refinances debt at Greenpac mill

Cascades Inc., Kingsey Falls, Quebec, has announced that its 86.3-percent-owned subsidiary, Greenpac Mill LLC, has entered into an agreement to amend and restate its existing term loan and revolving credit facility that were scheduled to mature in May 2021. The amended credit facilities will mature in December 2023.

The amended credit facilities consist of a $75 million term loan and a $50 million revolver. The principal amount outstanding under the term loan was reduced from $121 million to $75 million in connection with the amendment to the credit facilities. According to a news release from Cascades, co-lead arrangers and joint bookrunners on the amended credit facilities include Wells Fargo Bank, National Association, Manufacturers and Traders Trust Co. and Merrill Lynch, Pierce, Fenner & Smith Inc.

Cascades’ Greenpac operates a lightweight containerboard mill in Niagara Falls, New York, which manufactures lightweight linerboard made with 100-percent-recycled fibers. The mill has an annual production capacity of 540,000 short tons and employs 168 people.