On March 15, 2008, Western Forest Products Inc., a major forest products producer based in British Columbia, completed an agreement for a new $175 million term loan facility, comprising a $75 million revolver due in three years and $100 million term loan repayable within 18 months.
The financing is being provided by GE Corporate Lending, as administrative agent and lender, Canadian Imperial Bank of Commerce and The Bank of Nova Scotia, as lenders. Proceeds of the financing were used to retire the Company's existing term debt facilities of US$72.9 million and $101.8 million provided by the Brookfield Bridge Lending Fund, a lender related to Tricap Management Ltd., the Company's largest shareholder.
GE Corporate Lending was represented by in-house counsel, Jennifer Guerard, and McMillan Binch Mendelsohn LLP with Davis LLP acting as counsel in British Columbia. The McMillan team included Jeff Rogers, Stephanie Robinson, Andrea St. Bernard and Paula Bokser (banking and financing), Michael Peterson (environmental), Michael Friedman and Melissa McBean (tax), Robert Antenore (real estate), Karen Shaver and Dilani Wright (pension and benefits) and Darryl Hiscocks and Lyndsay Wasser (labour). The Davis team included Mark Schmidt, Catherine Gibson and Lisa Robinson.
Western Forest Products Inc. was represented by Bull, Housser & Tupper LLP of Vancouver with a team led by Billy Garton and including David Bain, Richard Sarabando and Rose Lindberg (banking and finance), Robin Longe and Joe Pagé (corporate and forestry), Neil Davie (real estate), Joe Shaw (labour) and Margaret Mason (pension and benefits).