Conifex Timber Inc. of Vancouver said this week that it received a $130 million secured revolving credit facility to fund the modernization and restart of its sawmill in El Dorado.
The company, whose lumber products are sold in the U.S., China, Japan and Canada, said the credit facility is scheduled to close on Friday.
“This financing is a key element of our planned expansion into the U.S. South to achieve revenue diversification and reduce cash flow volatility in our lumber segment,” Ken Shields, Conifex’s chairman and CEO, said in a news release.
Conifex purchased the former Georgia-Pacific complex for $21 million in August 2015. It was among several Canadian firms snapping up holdings in the U.S. South.
The property includes about 186 acres of land.