Cascades gets C$750 million revolver via National Bank and Scotia

By Sara Rosenberg

New York, Feb 10 - Cascades Inc. closed on a new C$750 million four-year revolving credit facility, according to a news release.

National Bank Financial and Scotia Capital acted as the co-lead arrangers on the deal, with National Bank the administrative agent.

Initial pricing on the revolver is Libor plus 212.5 basis points with a 22.5 bps unused fee.

Covenants include a maximum funded debt to capitalization ratio of 65% and a minimum interest coverage ratio of 2.25 times.

Proceeds were used to refinance an existing revolver and term loans.

Cascades is a Kingsey Falls, Quebec-based producer, converter and marketer of packaging and tissue products that are composed mainly of recycled fibers.

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