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[ Fri, Jul 16th 2010 ] - Market Wire
Everton: Granting of Options
[ Fri, Jul 16th 2010 ] - Market Wire
00 p.m. PDT (5:00 p.m. EDT)

Fibrek is pleased to announce the successful completion of its refinancing transactions


Published on 2010-07-16 06:31:13 - Market Wire
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 ------------------------------------------------------------------------- TSX: FBK [ www.fibrek.com ] ------------------------------------------------------------------------- HIGHLIGHTS: - A comprehensive refinancing of approximately $190 million supported by committed financial partners - A strong and sustainable balance sheet with a reduced debt and lower interest expenses - A debt-to-total capitalization ratio which is reduced from 32% to 23% and is amongst the lowest in the industry 
 - a 5-year secured term loan with a subsidiary of the Société générale de financement du Québec (SGF), for an amount of $78 million bearing interest at a rate of 8.25% per year; - a $75 million three-year asset-based secured revolving credit facility with GE Canada Finance Holding Company; and - a $40 million (gross proceeds) rights offering pursuant to which Fibrek issued an aggregate of 39,602,848 common shares, of which: (1) 28,057,068 were issued upon the exercise of the basic subscription privilege, (2) 2,996,274 were issued pursuant to the additional subscription privilege; and (3) 8,549,506 were issued under a standby purchase agreement with Fairfax Financial Holdings Limited. Following completion of the rights offering, Fairfax now owns approximately 25.85% of the issued and outstanding common shares of Fibrek.