South Portland, ME January 13, 2012 – Twin Rivers Paper Company, a leading manufacturer of lightweight specialty packaging, publishing and label papers, announced today it has secured additional financial support from the Finance Authority of Maine (FAME) and Business New Brunswick (BNB).
Business New Brunswick has agreed to provide a loan guarantee while FAME has agreed to provide loan insurance. Canadian Imperial Bank of Commerce (CIBC), the company’s current lender, has also approved an extension and amendments to Twin Rivers Paper’s existing revolving credit facility.
“This support from FAME and BNB and the continued support of CIBC are expected to provide the momentum to allow us to continue towards our strategic objectives while affording greater financial flexibility to manage our business,” said Wayne Johnson, Vice President of Finance.
The funds from the financing will be used to finance working capital requirements in support of the company’s strategic initiatives.
Twin Rivers Paper operates a pulp and energy complex in Edmundston, New Brunswick, a lumbermill in Plaster Rock, New Brunswick and a paper mill in Madawaska, Maine.
Twin Rivers Paper Company is an integrated specialty paper company that manufactures publishing, packaging and label products for targeted markets and applications. The company has operations in New Brunswick, Maine and Québec. For more information, visit us on the web at www.twinriverspaper.com.
Note: This press release contains forward-looking information and forward-looking statements within the meaning of Canadian provincial securities laws. These forward-looking statements include, among others, anticipated or prospective financial performance and the company’s strategies. The words “expected”, “will”, “continue”, “affording”, and variations of those words, similar words, and other expressions which may be predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, unforeseen administrative, legal, or transactional issues, and other risks. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.