Twin Rivers Paper Company Secures Additional Financing

Jan. 16, 2012 - Twin Rivers Paper Company said that it has secured additional financial support from the Finance Authority of Maine (FAME) and Business New Brunswick (BNB).

Business New Brunswick has agreed to provide a loan guarantee while FAME has agreed to provide loan insurance. Canadian Imperial Bank of Commerce (CIBC), the company’s current lender, has also approved an extension and amendments to Twin Rivers Paper’s existing revolving credit facility.

“This support from FAME and BNB and the continued support of CIBC are expected to provide the momentum to allow us to continue towards our strategic objectives while affording greater financial flexibility to manage our business,” said Wayne Johnson, Vice President of Finance.

The funds from the financing will be used to finance working capital requirements in support of the company’s strategic initiatives.

Twin Rivers Paper operates a pulp and energy complex in Edmundston, New Brunswick, a lumber mill in Plaster Rock, New Brunswick and a paper mill in Madawaska, Maine.

Twin Rivers Paper Company is an integrated specialty paper company that manufactures publishing, packaging and label products for targeted markets and applications. The company has operations in New Brunswick, Maine and Québec.

SOURCE: Twin Rivers Paper Company