Interfor expands and expands its revolving credit facility

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BURNABY, British Columbia, December 17, 2021 (GLOBE NEWSWIRE) – INTERFOR COMPANY (“Interfor” or the “Company”) (TSX: IFP) today announced that it has entered into an early renewal and expansion of its revolving credit facility with a syndicate of major Canadian and US banks co-led by RBC Capital Markets, TD Securities and Wells Fargo.

The amount of the commitment under the facility has been increased by C $ 150 million to a total of C $ 500 million, and the term of the facility has been extended from March 2024 to December 2026. restrictive clauses and the pricing schedule remain unchanged. In addition, the renewal includes the increased ability to obtain additional long-term debt financing, which will improve the Company’s continued financial flexibility.

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As of September 30, 2021, Interfor had C $ 836 million in available liquidity, including C $ 509 million in cash, and this availability will be increased by C $ 150 million on a pro forma basis under the new facility. This increase will provide the Company with sufficient financial capacity to complete its previously announced acquisition of EACOM Timber Corporation in early 2022 and provide additional flexibility to continue to pursue its strategic growth program.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking information about the business prospects, objectives, plans, strategic priorities and other information of the Company which are not historical facts. A statement contains forward-looking information when the Company uses what it knows and expects today to make a statement about the future. Statements containing forward-looking information in this press release include, without limitation, statements regarding future growth, pro forma liquidity, borrowing capacity, expected completion of a transaction and other future events and circumstances. . Readers are cautioned that actual results may differ from the forward-looking information contained in this press release, and that such forward-looking information should not be relied on unduly. The risk factors which could cause actual results to differ materially from the forward-looking information contained in this press release are described in Interfor’s annual management report under the heading “Risks and Uncertainties”, which is available at www.interfor. com and under the Interfor profile. at www.sedar.com. Important factors and assumptions used in developing the forward-looking information in this press release include the volatility of the selling prices of lumber, logs and wood chips; the Company’s ability to compete globally; the availability and cost of log supply; natural or man-made disasters; exchange rate; changes in government regulations; the availability of the Company’s annual harvest opportunity (“AAC”); claims of indigenous peoples and treaty agreements with them; the Company’s ability to export its products; the softwood lumber trade dispute between Canada and the United States; stumpage fees payable to the Province of British Columbia (“BC”); the environmental impacts of the Company’s operations; work interruptions; information systems security; and the existence of a public health crisis (such as the current COVID-19 pandemic). Unless otherwise indicated, the forward-looking statements contained in this press release are based on the Company’s expectations as of the date of this press release. Interfor assumes no obligation to update such forward-looking information or statements, except as required by law.

ABOUT INTERFOR

Interfor is a growth-oriented forest products company with operations in Canada and the United States. The company has an annual production capacity of approximately 3.9 billion board feet and offers a diverse line of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.

Investor contacts:

Rick Pozzebon, Senior Vice President and Chief Financial Officer
(604) 689-6804

Mike Mackay, Vice President of Corporate Development and Strategy
(604) 689-6846

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