Siena Lending Group LLC (“Siena”) announced the completion of a $4 million CAD revolving loan facility for East Fraser Fiber Co. Ltd. and Parallel Wood Products (“East Fraser”). The facility will be used to refinance East Fraser’s existing lender and to providing additional liquidity for working capital. Dynamic Capital (“Dynamic”) acted as the financial adviser on the transaction.
East Fraser Fiber Co. Ltd. and Parallel Wood Products, headquartered in Prince George, British Columbia, Canada operate two finger-joint stud plants, a whole-log stationary chip plant, and a trim block sorting station. East Fraser began operations in 1990 and operates in four locations in British Columbia.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to have executed on our capabilities to close a Canadian domiciled facility and to have closed our second transaction with the Glaziers.”
Patrick Glazier, Owner of East Fraser, said, “We chose Siena because of their willingness to understand our business, and desire to be long term partners as we continue to grow the two companies.”