Deltic Timber replaces two lenders under revolver now due 2020

By Marisa Wong

Morgantown, W.Va., Feb. 5 – Deltic Timber Corp. amended its second amended and restated revolving credit agreement to replace two lenders, effective as of Thursday, according to an 8-K filing with the Securities and Exchange Commission.

On Jan. 6 the company had exercised an option to extend the revolving commitment termination date to Nov. 17, 2020 from Nov. 17, 2019. Wells Fargo Bank, NA and Branch Banking and Trust Co. were each a non-extending lender.

As a result, Wells Fargo and Branch Banking and Trust’s respective rights and obligations under the credit agreement were assigned to a new lender, Greenstone Farm Credit Services, ACA, and an existing lender, American AgCredit, PCA.

The company executed revolving credit notes in the amounts of $27 million and $123 million with Greenstone and American AgCredit, respectively.

SunTrust Bank remains an extending lender, issuing bank, swingline lender and administrative agent for the other extending lenders: American AgCredit, JPMorgan Chase Bank, NA, Regions Bank, BancorpSouth Bank, Bank of America, NA, Iberiabank and Rabobank Nederland, New York Branch.

Upon executing the revolving credit notes with Greenstone and American AgCredit, the termination date for the aggregate principal amount of the $430 million revolver was extended to Nov. 17, 2020.

The natural resources company is based in El Dorado, Ark.

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