TSX: WEF
As part of the transition, the maturity of the Amended Credit Facility has been extended to
The Amended Credit Facility incorporates incentive pricing terms that can reduce or increase Western's borrowing costs by up to 5 basis points based on the outcome of various sustainability-linked goals. Western has selected goals that are linked to improving health and safety performance, increasing workforce diversity and advancing mutually beneficial First Nations relationships. These goals are consistent with Western's core values and strategic priorities.
"Our Sustainability-Linked Credit Facility further demonstrates Western's strong leadership and commitment to industry leading sustainability and ESG practices," said
The Company plans to utilize the Amended Credit Facility to support the execution of its strategic growth initiatives and for general corporate purposes.
Royal Bank of Canada acted as Sole Bookrunner, Co-Lead Arranger, Administrative Agent and Sustainability Structuring Agent, partnering with Western to integrate the sustainability-linked goals into the Amended Credit Facility. The lending syndicate also included The Bank of Nova Scotia as Co-Lead Arranger, Canadian Imperial Bank of Commerce,
About
Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of
Forward-looking Statements
This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by references to future periods. Although such statements reflect management's current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different, including factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2020 Annual Report dated
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