CASCADES REINFORCES FINANCIAL FLEXIBILITY

Extends Revolving and Term Loan Facilities, Increases Term Loan With no Change to Terms and Conditions of Agreements

KINGSEY FALLS, QC, Oct. 19, 2022 /PRNewswire/ - Cascades Inc. (TSX: CAS) announces that it has amended its existing credit agreement to increase its authorized term loan to US$260 million from US$160 million and extend the maturity from December 2025 to December 2027. The Term loan, which can be repaid at any time, will be used to repay certain of the Company's outstanding borrowings related to the strategic Bear Island converting project under its existing revolving credit facility. Concurrently, the Company's has extended the term of its syndicated revolving facility co-led by National Bank Financial Inc. and The Bank of Nova Scotia from July 2025 to July 2026. The financial conditions and covenants of both facilities are otherwise generally unchanged. The agreement is supported by the Company's existing banking syndicate and the term loan is underwritten by CoBank, ACB and American AgCredit, PCA.

Allan Hogg, Vice-President and Chief Financial Officer commented, "The revisions to our agreements increase our financial flexibility and reinforce our financial profile through the completion of our Bear Island converting project. We are pleased to have strengthened our funding security over a longer timeframe without modifying the terms, conditions and covenants of our existing agreements."

Founded in 1964, Cascades offers sustainable, innovative and value-added solutions for packaging, hygiene and recovery needs. The company employs approximately 10,000 women and men, who work in a network of nearly 80 production units in North America. With its management philosophy, half a century of experience in recycling, and continuous efforts in research and development as driving forces, Cascades continues to deliver the innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the planet. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS.

SOURCE Cascades Inc.