Interfor Corporation Completes Major $144 Million Share Offering
Interfor Corporation Completes Significant Share Offering
Interfor Corporation (TSX: IFP), a leading player in the forest products industry, recently announced the successful closure of its substantial bought deal treasury offering. This offering was well-received, yielding gross proceeds of approximately $143.75 million. The completion of this offering marks a pivotal moment in the company’s commitment to enhancing its operational capacity and financial stability.
Overview of the Offering
In collaboration with a syndicate of underwriters led by RBC Capital Markets and Scotiabank, Interfor’s offering included the full exercise of the over-allotment option, allowing underwriters to purchase an extra 1,865,670 common shares at an attractive price of $10.05 each. Overall, this transaction resulted in the issuance of a significant total of 14,303,470 common shares, reinforcing investor confidence in the company’s future.
Use of Proceeds
The net proceeds from the share offering are strategically allocated to pay down existing indebtedness while also supporting broader corporate purposes. This move is intended to strengthen Interfor's balance sheet, enabling it to better navigate the competitive landscape of the forest products sector. By reducing debt levels, Interfor aims to enhance its financial flexibility and invest in growth opportunities within the industry.
About Interfor Corporation
Interfor is recognized as a growth-oriented forest products company with a robust operational presence in both Canada and the United States. With an impressive annual lumber production capacity of about 4.7 billion board feet, Interfor is dedicated to providing a diverse range of lumber products that cater to a global customer base. The company’s commitment to quality and innovation positions it uniquely within the market, allowing it to adapt to changing consumer demands while maintaining sustainable practices.
Investor Relations
For investors looking to stay informed about Interfor's developments, the company maintains a proactive approach to communication. The leadership team includes Rick Pozzebon, the Executive Vice President & Chief Financial Officer, and Mike Mackay, the Vice President of Corporate Development & Treasury. Investors are encouraged to reach out directly with any inquiries they may have.
Engaging with Stakeholders
Interfor is dedicated to keeping its stakeholders informed and engaged. Svetlana Kayumova, the Vice President of Communications & Government Relations, serves as the primary contact for media relations. Interfor fosters an open dialogue with its community, aiming to share insights about its business operations and sustainability initiatives.
Frequently Asked Questions
What was the purpose of Interfor's recent share offering?
The proceeds from the offering will be used to reduce existing debt and support general corporate purposes, enhancing financial flexibility.
Who led the underwriters for the offering?
The offering was underwritten by a syndicate led by RBC Capital Markets and Scotiabank.
How many common shares did Interfor issue?
Interfor issued a total of 14,303,470 common shares as part of the offering.
What is Interfor's lumber production capacity?
Interfor has an annual lumber production capacity of approximately 4.7 billion board feet.
Who can I contact for more information?
Investor relations inquiries can be directed to Rick Pozzebon or Mike Mackay, while media inquiries should be directed to Svetlana Kayumova.
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