Error message

There was an error processing your request.

Fortress Paper Announces Early Repayment of $25,000,000 Debenture

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$432/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Return to homepage

Fortress Paper Announces Early Repayment of $25,000,000 Debenture

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 3, 2017) - Fortress Paper Ltd. ("Fortress Paper" or the "Company") (TSX:FTP) is pleased to announce that it has repaid in full the unsecured convertible debenture (the "Debenture") in the aggregate principal amount of $25,000,000 issued by the Company in favour of Fonds de solidarité FTQ ("FSTQ"). The Debenture had an interest rate of 7% per annum and was set to mature on June 20, 2017. Pursuant to a debenture amendment agreement entered into by Fortress Paper and FSTQ, the Company was granted the right to repay the principal amount owing under the Debenture prior to maturity, together with all interest accrued to the date of repayment, without any prepayment penalty. Fortress used funds from the previously announced secured loan with IAM Infrastructure Private Debt Fund LP, which loan has been disbursed in full, to repay the Debenture.

Yvon Pelletier, Chief Executive Officer of Fortress Paper, commented, "We are pleased to be able to work with FSTQ to repay the Debenture prior to maturity which provides FSTQ with immediate liquidity while at the same time allowing us to efficiently deploy our cash resources. We would like to acknowledge our mutually beneficial working relationship with FSTQ over the years and look forward to the opportunity to work together in the future."

About Fortress Paper

Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products. The Company operates its dissolving pulp business at the Fortress Specialty Cellulose mill located in Canada, which has expanded into the renewable energy generation sector with the construction of a cogeneration facility. The Company operates its security paper products business at the Landqart Mill located in Switzerland, where it produces banknote, passport, visa and other brand protection and security papers.

Fortress Paper Ltd.
604-904-2328
[email protected]

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).
LinkedIn
StockTwits
Twitter