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September 8, 2022

Madawaska's Twin Rivers Paper plant secures $100M in financing

Courtesy / Twin Rivers Paper Co. Twin Rivers Paper Co. in Madawaska borrowed $100 million to refinance debt and for working capital. Employees are seen here in 2020 keeping the pulp and paper mills operational during the pandemic.

An injection of  $100 million in capital to Twin Rivers Paper Co. in Madawaska will be used to refinance debt and provide working capital. 

Citizens Bank of Providence, R.I., said Wednesday it provided asset-based lending credit as the deal’s lead arranger and administrative agent.

“Citizens bankers are trusted partners who listened to us and brought great ideas and insights aligned with our strategic vision,” Twin Rivers’ CFO Tyler Rajeski said in a news release. “The Citizens team has deep knowledge of our industry and their close attention to detail made for a seamless execution.”

Twin Rivers is an integrated paper company that produces paper for packaging, labels, "kraft," publishing, and technical specialties. It also produces dimensional lumber. 

“We were able to provide a new credit facility that gives Twin Rivers management the financial flexibility to continue investing in its platform, reduces its cost of capital, and enables the execution of its sophisticated foreign exchange hedging program in partnership with our Global Markets team,” said Jerry Sargent, Citizens’ Northeast market executive. 

Twin Rivers employs over 1,400 people in two countries and seven communities. According to its website, operations consist of four paper machines in  Madawaska, three paper machines in Little Falls and Lyons Falls, N.Y., one paper machine in Pine Bluff, Ark., and pulp and lumber operations at two locations in New Brunswick. 

The privately held company was officially launched on April 28, 2010, as a specialty papers business, with fully integrated operations comprised of a pulp and energy complex in Edmundston, New Brunswick, and a paper mill in Madawaska, as well as a lumber mill located in Plaster Rock, New Brunswick.

It operational footprint grew when, in December 2016, it acquired the paper manufacturing assets of the Burrows Paper Corp., headquartered in New York. The acquired mills produce technical specialty papers and are located in New York. In June 2018, It acquired the Arkansas mill from Mondi Group, adding unbleached sack kraft papers to the packaging portfolio.

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