Pope & Talbot gets $325 million credit facility

By Sara Rosenberg

New York June, 29 - Pope & Talbot Inc. closed on a new $325 million senior secured credit facility, according to a company news release.

Ableco Finance LLC and Wells Fargo Financial Corp. acted as the lead banks on the deal.

The facility consists of two term loans totaling $250 million and a $75 million revolver, all due 2012.

Proceeds from the term loans were used to repay outstanding borrowings under the company's existing Canadian and U.S. revolvers, the Halsey pulp mill lease financings and the its receivable sales arrangement.

Security is substantially all of the assets of the company and its subsidiaries.

Pope & Talbot is a Portland, Ore.-based pulp and wood products company.

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