Cascades' Greenpac Mill Successfully Refinances Bank Debt with New Credit Facility
Cascades Inc., a prominent player in the packaging and recovery solutions sector, has made significant strides in fortifying its financial base. The company has announced that Greenpac Mill, LLC, a crucial subsidiary that it owns 86.35%, has successfully refinanced its bank debt. This refinancing process involved increasing their revolving credit facility from $150 million to an impressive $250 million, a move that highlights the confidence in Greenpac's operational model and market positioning.
Moreover, the maturity date for the credit facility has been extended from December 2027 to June 2028, providing Greenpac with ample time to utilize these resources effectively while ensuring financial flexibility for future growth. The entire refinancing transaction was strategically orchestrated by National Bank Financial Markets, which acted as both the Lead Arranger and Sole Bookrunner. The financial backing comes from a robust syndicate of lenders, including National Bank of Canada, MT Bank, Bank of America, N.A., and Comerica Bank, indicating strong financial partnerships that support Greenpac’s innovative directions.
Greenpac Mill is based in Niagara Falls, New York, and specializes in producing lightweight containerboard crafted exclusively from 100% recycled fibers. This manufacturing process not only boosts environmentally friendly practices but also aligns with the increasing demand for sustainable packaging solutions in today’s consumer markets. Cascades has been at the forefront of promoting recycling and sustainability since its inception in 1964, providing innovative products that cater to both customer demands and ecological responsibility.
Employing approximately 9,600 people across a network that includes 66 operational facilities and a strong commitment to eco-friendly practices, Cascades has positioned itself as a leader in the industry. Their various facilities, including 17 dedicated to Recovery and Recycling, underscore the company’s dedication to sustainable development.
Cascades' journey over the years has been characterized by participative management, consistent research, and dedication to product innovation. These efforts have significantly contributed to community well-being and the environment overall. The Toronto Stock Exchange lists Cascades shares under the ticker symbol CAS, attracting a diverse range of investors who believe in the company’s sustainable mission and commitment to responsible manufacturing.
In conclusion, the refinancing of Greenpac Mill’s bank debt represents a strategic move by Cascades Inc. to enhance its capabilities and market position. This decision not only secures the financial prospects of the subsidiary but also aligns perfectly with Cascades' overarching goal of promoting sustainability through innovative practices in packaging and hygiene solutions. As Greenpac continues to evolve and respond to the needs of the market, it will likely play a pivotal role in Cascades’ vision for a more sustainable future in the industrial sector.
With these developments, Cascades Inc. stands poised to continue its leadership in the industry while also significantly contributing to ecological and community sustainability on a broader scale.