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Resolute Forest Products Inc. is a global leader in the forest products industry, renowned for its diverse range of products that include market pulp, tissue, wood products, and papers. These products are marketed in over 50 countries, demonstrating the company's expansive reach and international significance.
The company owns or operates approximately 40 facilities, as well as power generation assets, spread across the United States and Canada. A noteworthy aspect of Resolute's operations is their commitment to sustainability; the company has achieved third-party certification for 100% of its managed woodlands according to internationally recognized sustainable forest management standards.
Resolute has recently achieved significant milestones, including the sale of its Thunder Bay (Ontario) pulp and paper mill to an affiliate of Atlas Holdings. This transaction, completed on August 1, 2023, includes long-term woodchip and biomass supply agreements, ensuring ongoing collaboration with the Thunder Bay mill. This sale was in line with the consent agreement between Domtar Corporation and the Canadian Commissioner of Competition, following Domtar’s acquisition of Resolute. Despite the sale, Resolute continues to operate its sawmills and woodlands operations in Northwestern Ontario.
Headquartered in Montreal, Quebec, Resolute Forest Products is a subsidiary of Domtar Corporation and a part of the Paper Excellence Group. The company has earned recognition on a regional, North American, and global scale for its leadership in corporate social responsibility, sustainable development, and business practices. With its broad product portfolio and steadfast dedication to sustainable practices, Resolute remains a pivotal player in the forest products industry.
Resolute Forest Products has declared a special cash dividend of $1.00 per share, payable on July 7 to shareholders on record as of June 28. The company announced new capital investments totaling $50 million in its lumber operations, aiming to enhance growth and operational efficiency. In addition, Resolute successfully reduced its debt by $180 million in Q2, improving its balance sheet and liquidity, which now stands at approximately $850 million. These strategic moves are expected to provide substantial benefits to shareholders and bolster the company's market position.
Resolute Forest Products (NYSE: RFP) held its virtual annual meeting on May 21, 2021, with 83.5% of outstanding shares cast. Shareholders overwhelmingly approved all proposals, electing seven director nominees with a 99.1% majority. The proposals included the ratification of PricewaterhouseCoopers LLP as the independent public accounting firm for 2021 and an advisory vote on executive compensation. Resolute, a leader in the forest products industry, operates around 40 facilities in the U.S. and Canada while maintaining sustainable forestry practices.
Resolute Forest Products (NYSE: RFP) reported a Q1 2021 GAAP net income of $87 million or $1.06 per diluted share, reversing a net loss of $1 million in Q1 2020. Sales increased $184 million year-over-year to $873 million. Adjusted EBITDA was $221 million. The company repurchased 1.7 million shares in Q1 (2%), totaling 8.7 million shares (10%) in the past year. Upcoming U.S. pension relief is expected to enhance free cash flow by approximately $30 million annually. The company aims to cut GHG emissions by 30% by 2025.
Resolute Forest Products (NYSE: RFP) announced a significant amendment to its $360 million senior secured credit agreement, originally dated October 28, 2019. This amendment aims to repay $180 million of existing term loans by utilizing the revolving facility and available cash. Key changes include extending the revolving facility's maturity date from 2025 to 2027, reducing the term loan facility's spread by up to 10 basis points, and reinstating the term loan facility with maturities of up to ten years. The agreement remains secured by first priority liens on assets, providing substantial financial flexibility.
Resolute Forest Products Inc. (NYSE: RFP) will hold its virtual annual stockholders' meeting on May 21, 2021, at 9 a.m. (Eastern). Shareholders of record as of March 23, 2021, can vote their shares. The meeting is conducted online to ensure health safety amid the COVID-19 pandemic. Participants can engage in the meeting, ask questions, and vote via a dedicated platform, using their control number and the password: resolute2021. For further details, stockholders are advised to check the company's website.
Resolute Forest Products (NYSE: RFP) announced a commitment to reduce absolute greenhouse gas (GHG) emissions by 30% from 2015 levels by the year 2025. This goal builds on an 83% reduction from year 2000 levels, amounting to nearly 700,000 metric tons of CO2 equivalents per year. Recent initiatives include improving efficiency at facilities in Quebec, Alabama, and Ontario. Resolute aims to enhance sustainability practices, including reporting GHG emissions, and is recognized for its commitment to renewable energy, sourcing 75% of its energy from renewable sources.
Resolute Forest Products reported a Q4 net loss of $52 million, improving from a $71 million loss in Q4 2019. Total sales increased to $769 million, reflecting a $101 million rise year-over-year. For 2020, despite a 4% decline in annual sales to $2.8 billion, the company achieved a net income of $10 million, a turnaround from a $47 million loss in 2019. Adjusted EBITDA hit $129 million for the quarter and $338 million for the year. The company repurchased 6.9 million shares in 2020, and net debt decreased by $93 million to $448 million.
On February 2, 2021, Resolute Forest Products (NYSE: RFP) announced the successful closing of a $300 million private offering of its 4.875% senior unsecured notes due in 2026. The proceeds will be utilized for the redemption of $375 million of its 5.875% senior notes due in 2023, scheduled for February 18, 2021. The new notes were sold to qualified institutional buyers and non-U.S. persons under exemptions of the Securities Act. This transaction aims to improve the company’s capital structure while highlighting its ongoing commitment to responsible financial management.
Resolute Forest Products (NYSE: RFP) announced a private offering of $300 million in senior unsecured notes due 2026, priced at 4.875%. The net proceeds will be used to redeem all outstanding 5.875% senior notes due 2023, totaling $375 million, on February 18, 2021. The offering is expected to close on February 2, 2021, subject to standard conditions. The notes will not be registered under the Securities Act, making them available only to qualified institutional buyers. Resolute emphasizes that this is not an offer to sell any security.
Resolute Forest Products (NYSE: RFP) announced a private offering for $300 million of senior unsecured notes due 2026. The proceeds will be used to redeem all outstanding $375 million of 5.875% Senior Notes due 2023. Redemption is planned for February 18, 2021, contingent on completion of the offering and availability of necessary cash. The 2026 Notes will not be registered under the Securities Act. Resolute emphasizes the importance of financial flexibility and confirms its commitment to sustainable practices.
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