Tembec Completes $250M Refinancing

Tembec completed the refinancing of its existing working capital loan facilities on January 22, 2007 with a new $250 million committed revolving working capital facility available to both Tembec Industries Inc. and its wholly owned subsidiary, Tembec Enterprises Inc. (formally Spruce Falls Inc.). CIT Business Credit Canada Inc., owned equally by CIBC World Markets and the CIT Group, Inc., acted as administrative agent and collateral agent for a syndicate of lenders.

Tembec was represented by McCarthy Tétrault LLP with a team comprised of Warren Goodman, Mathieu Dubord, François Dupuis, Richard Higa, Nicola Geary, Ira Cooper and Kevin Wright.

CIT was represented by Stikeman Elliott LLP with a team comprised of Sharon Polan, Gwen Cheung, Vivian Leung, Sterling Dietze and Ma Ry Tran.
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