Greenfirst enters $30M loan under federal program

Executive Summary

• Greenfirst Forest Products Inc. secured a $30 million term loan under the Canadian government's federal softwood lumber program.
• The financing was arranged with Bank of Montreal to support liquidity and continuing operations amid market volatility in the North American lumber sector.
• The company states the loan enhances financial flexibility and provides runway to navigate challenging market conditions while executing on strategic priorities.

Key Details

• Transaction Amount: $30 million term loan.
• Lender: Bank of Montreal.
• Program Source: Federal softwood lumber program announced by the Government of Canada.
• Purpose of Funds: To support liquidity and continuing operations amid continued market volatility in the North American lumber sector.
• Strategic Impact: Enhances financial flexibility and provides additional runway for the company to navigate challenging lumber market conditions.
• Company Profile: Greenfirst Forest Products is a forest-first business focused on sustainable forest management and lumber production, owning four sawmills and operating over 6 million hectares of FSC-certified public Ontario forestlands.

Notable Quotes

• "This financing under the federal softwood lumber program strengthens our balance sheet and provides important liquidity during a difficult period for the industry," said Joel Fournier, Greenfirst's chief executive officer. "We appreciate the continued support of the government of Canada and BMO as we work to position Greenfirst for long-term stability and value creation."