Pope & Talbot, Inc. Receives Financing Commitment From Lenders
June 02 2006 - 8:30AM
PR Newswire (US)
Maria Pope Named CFO as Richard Atkinson Steps Down PORTLAND, Ore.,
June 2 /PRNewswire-FirstCall/ -- Pope & Talbot, Inc. (NYSE:POP)
and its wholly-owned Canadian subsidiary, Pope & Talbot Ltd.
("Limited"), today reported that they have signed a commitment
letter for a new credit facility. The Company said that it intends
to use proceeds to refinance its Halsey pulp mill leases, its
existing Canadian and U.S. revolving credit facilities and its
receivable sales arrangement. Under the terms of the commitment
letter signed on May 30, 2006, Ableco Finance LLC and Wells Fargo
Financial Corporation Canada committed to provide $325 million for
a senior secured credit facility, subject to the satisfaction of
the conditions in the commitment letter and draft Credit Agreement.
The new credit facility will consist of two term loans totaling
$250 million, and a $75 million revolving credit facility, of which
$40 million will be available for cash borrowings and $35 million
for letters of credit. The new credit facility will be secured by
substantially all of the Company's assets, and will have a term of
approximately six years. The Company expects the new Credit
Agreement to be signed and effective by the end of June 2006;
however, there can be no assurance that all closing conditions will
be satisfied and the transaction completed. Lehman Brothers Inc.
arranged and advised the Company on the transaction. Additional
information regarding the commitment letter and the proposed new
credit facility will be contained in a Form 8-K to be filed by the
Company with the SEC today. In an unrelated announcement, Pope
& Talbot, Inc. said that Chief Financial Officer Richard K.
Atkinson has resigned, effective June 16, 2006, to accept the
position of Senior Vice President and Chief Financial Officer of a
privately held bio-energy company. "Rich has helped Pope &
Talbot during some challenging times," said Michael Flannery,
chairman and chief executive officer. "We appreciate his hard work
and dedication and wish him well in his new endeavor." Maria M.
Pope will resume the duties of Chief Financial Officer and
Secretary effective June 16, 2006. Ms. Pope, 41, will continue to
serve in her current role as Vice President and General Manager,
Wood Products Division, a position she has held since December
2003. Previously, she served as Vice President, Chief Financial
Officer and Secretary from 1999 to 2003, and held various financial
positions since joining the Company in 1995. Ms. Pope previously
worked for Levi Strauss & Co. and Morgan Stanley & Co.,
Inc. Pope & Talbot is dedicated to the pulp and wood products
businesses. The Company is based in Portland, Oregon and traded on
the New York Stock Exchange under the symbol POP. Pope & Talbot
was founded in 1849 and produces pulp and softwood lumber in the
U.S. and Canada. Markets for the Company's products include the
U.S.; Europe; Canada; South America; Japan; and other Pacific Rim
countries. For more information on Pope & Talbot, please check
the website http://www.poptal.com/. DATASOURCE: Pope & Talbot,
Inc. CONTACT: Richard K. Atkinson of Pope & Talbot, Inc.,
+1-503-228-9161 Web site: http://www.poptal.com/
Copyright
Pope Talbot (NYSE:POP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pope Talbot (NYSE:POP)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Pope & Talbot (New York Stock Exchange): 0 recent articles
More Pope Talbot News Articles