Twin Rivers Paper Co., which operates a paper mill in Madawaska, has secured additional financing insured by the Finance Authority of Maine that will help support the facility's 630 jobs. FAME has provided 90% insurance on a $5.27 million loan from Canadian Imperial Bank of Commerce, according to a press release from FAME.
The FAME-insured loan is part of a larger financing package to support the company's working capital requirements and strategic initiatives in Maine and New Brunswick, Twin Rivers said in a separate release. Business New Brunswick, an economic development group, has also agreed to provide a loan guarantee. Besides the Madawaska mill, Twin Rivers operates a pulp and energy complex in Edmundston, New Brunswick, and a lumber mill in Plaster Rock, New Brunswick.