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| Home : Conifex Announces Commitment for Funding of Mackenzie Power Project |
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Sep 18
2013 |
Conifex Announces Commitment for Funding of Mackenzie Power Project |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 17, 2013) - Conifex Timber Inc. ("Conifex" or the "Company") (TSX VENTURE:CFF) announced today that, further to its prior news release, its wholly-owned subsidiary, Conifex Power Limited Partnership ("Conifex Power"), has accepted commitment letters from a syndicate of three institutional lenders led by a Canadian chartered bank for secured project financing (the "Project Financing") for its planned 36MW bioenergy power project in Mackenzie, British Columbia (the "Power Project"). The Project Financing is for an aggregate of $103 million and will include approximately $80 million (the "Loan Facility") as a development and construction loan for the Power Project. The Loan Facility will consist of a construction loan which will mature approximately 14 months from the closing date and convert into an amortized term loan having a term of 5 years once the conditions to conversion are satisfied, including substantial completion of construction of the Power Project. The balance of the Project Financing will be in the form of a letter of credit facility primarily to secure certain obligations of Conifex Power under its existing load displacement agreement and a $1.75 million revolving operating facility. |
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| Source:http://www.marketwired.com/mw/release.do?id=1831830&sourceType=3 |
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