Canfor Secures Loan Agreement

Canfor Corporation announced that it and certain of its subsidiaries (collectively, “Canfor”) have entered into an approximately USD$315 million loan agreement with an affiliate of Farallon Capital Management, L.L.C. and received all advances thereunder, totaling approximately US$232 million. The loan is secured by certain accounts receivable related to countervailing and anti-dumping duties paid to the US government. The borrowings under the loan have terms of four and eight years, and each can be extended at Canfor’s option for two additional ten-year terms.

Canfor anticipates the repayment of the loan, including all interest and principal payments, will be met by refunds and interest receivable out of duty refunds from the US government.

Canfor has made total deposits related to countervailing and anti-dumping duties of USD$726 million through the end of August 2024 and retains the right to duty refund distributions that exceed the obligations under the loan agreement.

About Canfor Corporation

Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. The Company has a 70% stake in Vida AB, Sweden’s largest privately owned sawmill company and also owns a 54.8% interest in Canfor Pulp Products Inc. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.

Contact:

Mina Lauden – Vice President, Corporate Affairs – communicaitons@canfor.com – (604) 661-5225

Source: Canfor Corporation