Interfor renews, extends credit facilities

INTERFOR (IFSPF) closed an early renewal and extension of its revolving credit facility with its syndicate of major Canadian and U.S. banks. The commitment amount under the facility was renewed at approximately C$560M, and the maturity of the facility has been extended from December 2026 to July 2029. The renewal includes several improved provisions that will enhance the Company’s financial flexibility, including a higher threshold as to when a minimum EBITDA interest coverage ratio covenant may apply. In addition, Interfor also renewed its private shelf note purchase agreement with PGIM. The shelf note purchase agreement is valid until July 2028 and allows the Company to issue up to $550M of senior secured notes. At June 30, 2025, Interfor had approximately $450M of senior secured notes outstanding with PGIM and its affiliates. At June 30, 2025, Interfor was fully compliant with all of its financial covenants, had a reported net debt to capitalization ratio of 35.6% and had just over C$330M of available liquidity on a pro forma basis under the new facilities. This ample available financial capacity, combined with the additional flexibility provisions, will allow Interfor to pursue its strategic agenda and better navigate potential market volatility in the near-term.