Investor Relations

Investor Relations

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.


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What distinguishes Catalyst Paper?

Cost Competitive

A long-standing focus on cost containment took a big leap forward with a $70 million reduction in annual interest and other cash costs achieved through our reorganization. Operational rationalization and machine optimization give our mills flexibility to adjust with order book requirements.

Product Range and Innovation

Our broad range of publication papers is unrivaled in Western North America and our leadership in lighter basis weight paper production is well-suited for today’s needs. Ongoing product innovation and excellent customer service makes us a reliable, agile one-stop supplier able to anticipate and adjust with the market.

Sustainability Expertise

We were among the first to act on the greenhouse gas challenge and did so decisively and effectively. Strong partnerships with leading environmental groups are helping sustain our progress on such key considerations as fibre origin and certification, and energy and water use.

Strong Manufacturing Base

Our five mills are located throughout North America, with efficient access to multi-modal transportation across the continent, around the Pacific Rim and beyond. Our mills meet the challenging speed, efficiency and product-quality requirements of today’s customers.

Strong Customer Base

We are a preferred and long-standing supplier to a range of household-name publishing and retail brands whose marketing strategies epitomize the ongoing relevance of print in the media mix. A reputation for service excellence helps sustain a strong order book and a high profile across all our end-use segments.

Equity Investment

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.

Debt Investment

Capital Resources ($millions)


ABL Facility


  2016 2015 2014
  Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Borrowing base1 $226.2 $225.0 $225.0 $225.0 $212.7 $225.0 $139.6 $139.9
Letters of credit (24.1) (24.4) (22.4) (22.1) (21.8) (22.0) (18.4) (18.6)
Amount drawn, net (135.9) (125.0) (117.1) (121.7) (114.0) (111.3) (29.4) (20.0)
Availability 2 66.2 75.6 85.5 81.2 76.9 91.7 91.8 101.3
Cash on hand 8.3 8.4 8.3 5.0 8.7 9.9 10.9 9.1
Restricted cash - - - - - - - -
Total liquidity $74.5 $84.0 $93.8 $86.2 $85.6 $101.6 $102.7 $110.4

1  The borrowing base at June 30, 2016, is reduced by reserves for a landlord waiver reserve in respect of rent of approximately $2.6 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 $2.9 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 six months ended June 30, 2016 in note 11, Long-term debt.


Long-Term Debt ($millions)



June 30, 2016 March 31, 2016 December 31, 2015 September 30, 2015 March 31, 2015
Term loan, due on July 2017 15.1 $15.5 16.5 17.0 $18.0
Senior secured notes, 11.0% due on October 2017 (US$260.5 million; December 31, 2014 - US$235.5 million) 335.0 333.7 356.7 344.5 325.0
  350.1 349.2 373.2 361.5 343.0
Revolving asset based loan facility of up to $250.0 million (December 31, 2105 - $225.0 million)  due on July 31, 2017 134.3 123.4 117.1 121.7 111.3
Capital lease obligations 6.9 7.2 7.5 7.3 7.8
Total debt 491.3 479.8 497.8 490.5 462.1
Less:  Current portion (3.2) (3.2) (3.2) (3.0) (3.0)
Total long-term debt $488.1 $476.6 $494.6 $487.5 $459.1

Bond Analysts

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.

Bond Analysts


Phone Number

Odeon Capital Group LLC Anup Goswami (212) 257-5033
Oppenheimer & Co. Hoai Ngo (212) 885-4756
RBC Capital Markets Bill Hoffman (212) 428-2362


Annual Reports

Statutory Disclosures

All of the materials available in this section are filed with regulatory authorities and can be accessed here:



Other Filings

Contact Us

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
Suite 1600
Vancouver, B.C.
V6E 3X1
Telephone: 1-800-387-0825


CST Trust Company
320 Bay Street
P.O. Box 1
Toronto, Ontario
M5H 4A6
Telephone: 1-800-387-0825

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