TimberWest reaches agreement with lenders to amend loan covenants

By Sara Rosenberg

New York, Dec. 15 - TimberWest Forest Corp. has negotiated an amendment to its credit facility that will revise covenants to avoid future potential events of default, according to a news release.

As a condition of the amendment, the company must complete a C$50 million rights offering and a C$100 million private placement, with some of those proceeds going towards the repayment of bank debt.

Remaining proceeds from the offerings, which are expected to close in February, will be used for general corporate purposes.

TimberWest is a Vancouver-based owner of private forest lands.

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