LP Completes Canadian Credit Refinancing
The agreement executed today provides C$25 million in revolving credit for general business purposes and a C$35 million credit line to cover cash management and foreign exchange transactions.
"This is the final piece of the financial restructuring announced in November and provides liquidity for our operations in Canada," said Curtis Stevens, LP's chief financial officer. "We would like to thank the Royal Bank of Canada, also a key participant in our U.S. facility, for bringing this financing to a successful conclusion."
The Canadian financing has a term of one year and includes covenants reflective of those incorporated in the U.S. credit facility, along with a current ratio test.
LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. Visit LP's web site at: www.lpcorp.com.
FORWARD LOOKING STATEMENTSThis news release contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts, market demand for the company's products, and prices for structural products; the effect of forestry, land use, environmental and other governmental regulations; the ability to obtain regulatory approvals, and the risk of losses from fires, floods and other natural disasters. These and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.
CONTACT: for Louisiana-Pacific Corporation (Media Relations) David Dugan, 503/821-5285 or (Investor Relations) Bill Hebert, 503/821-5100 or http://www.businesswire.com/cnn/lpx.htm