GE Capital is Agent for $228.9 Million Project Financing to Support Greenpac Mill, LLC
NORWALK, CT– June 27, 2011 — GE Capital today announced it is administrative agent for a total of $228.9 million in project finance credit facilities to fund the development, construction and operation of Greenpac Mill, LLC, a greenfield recycled linerboard mill by Norampac, a division of Cascades, Inc. (TSX: CAS) and other investors. GE Capital Markets acted as sole lead arranger and sole bookrunner.
Founded in 1964 in Montreal, Canada, Cascades converts, produces and markets packaging and tissue products composed mainly of recycled fibers. Cascades’ Greenpac Mill, LLC project will be located in Niagara Falls, NY. Once operational, the mill will use 100 percent recycled fiber input to produce approximately 526 thousand tons of linerboard per year. The building and machinery will be designed for optimal energy efficiency and process water will be treated and reused in order to reduce consumption. The mill will also include numerous technological advances, making it a unique project of its kind in North America.
“GE’s in-depth industrial project finance experience and forest products expertise was key because they understood our complex capital requirements and were able to customize financing to match,” said Marc-André Dépin, president and chief executive officer of Norampac. “In addition, they provided a significant financial commitment and worked diligently across borders to ensure a seamless execution.”
“Industrial project finance is inherently complex, but our capital markets, structuring and industry expertise enables us to meet customer needs in this space,” said Jeff Lupoff, senior managing director of project finance for GE Capital, Corporate Finance. “We’re proud to be involved in this project to build an environmentally conscious mill that will create both temporary and permanent jobs.”
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is an advanced technology, services and finance company taking on the world’s toughest challenges. For more information, visit ge.com.
SOURCE
