CanWel Building Materials Group Renews and Extends Senior Revolving Banking Facility

CanWel Building Materials Group Ltd. (“CanWel” or “the Company”) (TSX:CWX, CWX.NT.A) is pleased to announce the early renewal of its senior revolving credit facility with its lender and agent, Wells Fargo Capital Finance Corporation (Canada) and CIBC, Royal Bank and TD as syndicate lenders. CanWel has renewed and increased its senior revolving banking facility to $360 million, for an additional five year term to December 6, 2024. Simultaneously, CanWel is pleased to advise that it has also renewed and extended its existing senior term loan facility with CIBC(1), which now matures on the same date as the senior revolving loan facility.  Both facilities were renewed on terms and conditions more favourable to CanWel.

"I would like to thank Wells Fargo Capital Finance Canada, CIBC and the revolver syndicate members for their in-depth understanding of our business, our borrowing requirements for our continued growth, and the needs of our ongoing operations,” noted Amar Doman, Chairman and CEO of CanWel.  “Wells Fargo Capital Finance Canada has been our principal banking partner for over 20 years and we thank them for their continued support.”

About CanWel

Founded in 1989, CanWel is headquartered in Vancouver, British Columbia and trades on the TSX under the symbol CWX and is Canada’s only fully integrated national distributor in the building materials and related products sector. CanWel operates: multiple treating plant and planing facilities in Canada and the United States; distribution centres coast-to-coast in all major cities and strategic locations across Canada; in the United States near Portland, Oregon, San Francisco and Los Angeles, California and in 14 locations in the State of Hawaii through its wholly owned Honsador Building Products Group. CanWel distributes a wide range of building materials, lumber, renovation and electrical products. In addition, through its CanWel Fibre division, CanWel operates a vertically integrated forest products company based in Western Canada, operating from British Columbia to Saskatchewan, also servicing the US Pacific Northwest. CanWel owns approximately 117,000 acres of private timberlands, strategic Crown licenses and tenures, log harvesting and trucking operations, several post and pole peeling facilities and two pressure-treated specialty wood production plants and a specialty saw mill.

For further information regarding CanWel please contact:

Ali Mahdavi
Investor Relations
416-962-3300
ali.mahdavi@canwel.com