Catalyst Paper produces a broad range of communication papers for commercial printing, retail advertising and direct marketing applications. With mills strategically located to serve North American and Pacific Rim markets, a strong balance sheet, and ongoing social and environmental performance and transparency, Catalyst is well regarded as a competitive, innovative and customer-focused operator. Some key information and quick links to other resources are found below, and you can also learn more about what sets us apart.
- Key Facts
- Catalyst Distinction
- Equity Investment
- Debt Investment
- Events & Presentations
What distinguishes Catalyst Paper?
Product Range and Innovation
Strong Manufacturing Base
Strong Customer Base
Upon the conclusion of it recent reorganization, the large majority of Catalyst's common shares were held by former bondholders. While a Small Shareholder Selling Program is in effect until February 28, 2013 (unless extended), limited trading is anticipated in the immediately foreseeable future. Meaningful share price and volume tracking data is therefore not available at the current time.
Capital Resources ($millions)
|Letters of credit||(23.2)||(24.1)||(24.4)||(22.4)||(22.1)||(21.8)||(22.0)|
|Amount drawn, net||(150.3)||(135.9)||(125.0)||(117.1)||(121.7)||(114.0)||(111.3)|
|Cash on hand||6.5||8.3||8.4||8.3||5.0||8.7||9.9|
1 The borrowing base at September 30, 2016, is reduced by reserves for a landlord waiver reserve in respect of rent of approximately $2.7 million, a pension reserve not exceeding the sum of normal cost pension contributions, special and catch-up payments and any other payments in respect of a Canadian pension plan that are past due of approximately $1.4 million, a reserve for credit insurance deductibles of $3.2 million, a reserve for vacation pay of $3.1 million, a reserve of $1.5 million for employee source deductions, and a reserve of $0.3 million for workers’ compensation costs.
2 Our ABL Facility is subject to certain financial covenants as disclosed in our interim consolidated financial statements for the three and nine months ended September 30, 2016 in note 12, Long-term debt. On October 31, 2016 we obtained a waiver relating to the violation of our covenants with respect to the missed interest payment on our Notes. See note 12, Long-term debt.
Long-Term Debt ($millions)
|September 30, 2016||June 30, 2016||March 31, 2016||December 31, 2015||September 30, 2015|
|Term loan, due on July 2017||$14.8||$15.1||$15.5||16.5||17.0|
|Senior secured notes, 11.0% due on October 2017 (US$260.5 million; December 31, 2014 - US$235.5 million)||338.6||335.0||333.7||356.7||344.5|
|Revolving asset based loan facility of up to $250.0 million (December 31, 2105 - $225.0 million) due on July 31, 2017||149.1||134.3||123.4||117.1||121.7|
|Capital lease obligations||6.6||6.9||7.2||7.5||7.3|
|Less: Current portion||(165.1)||(3.2)||(3.2)||(3.2)||(3.0)|
|Total long-term debt||$344.0||$488.1||$476.6||$494.6||$487.5|
Any opinions, estimates or forecasts regarding Catalyst's performance made or provided by these analysts are the analysts' alone, and do not represent opinions, estimates or forecasts of Catalyst or its management. Catalyst does not express any representation, warranty or opinion with respect to any of the opinions, estimates or forecasts of any of these analysts.
|Odeon Capital Group LLC||Anup Goswami||(212) 257-5033|
|Oppenheimer & Co.||Hoai Ngo||(212) 885-4756|
|RBC Capital Markets||Bill Hoffman||(212) 428-2362|
Events and Presentations
Account Transfer Info
For address changes or to request information on electronic deposit of dividends, stock transfers or lost certificates, please contact our transfer agent and registrar. CST Trust Company has principal offices in Vancouver and Toronto.
CST Trust Company
1066 West Hastings Street
CST Trust Company
320 Bay Street
P.O. Box 1