Cascades : Investor Presentation (May2025)
CAS.TO
Published on 05/28/2025 at 13:08
May 2025
Today's Presenters
Hugues Simon
President and Chief Executive Officer
Allan Hogg
Vice-President and Chief Financial Officer
Joined Cascades in June 2024
Worked for more than thirty years in key positions in the industry, including finance, mill operations, sales, and strategic planning
30+ years at Cascades
Held several positions within Cascades, including Corporate Controller, Director of Finance and Treasurer, and was named Vice-President and Chief Financial Officer in 2010
Transaction Overview
Cascades Inc. ("Cascades" or the "Company") is a leading paper and packaging company that produces, converts, and sells
packaging and tissue products composed primarily of recycled fibers
For LTM 3/31/2025, Cascades generated Sales and EBITDA (A) of C$4,746 million and C$523 million, respectively
Cascades is publicly traded on the Toronto Stock Exchange (TSX: CAS)
The Company is seeking to issue US$400 million of 5NC2 Senior Unsecured Notes due 2030 to fund the redemption of all of its outstanding US$206 million aggregate principal amount of 5.125% Senior Notes due 2026, the repayment of a portion of the borrowings outstanding under its revolving credit facility, and the payment of related transaction fees and expenses
The transaction is largely leverage neutral, improves liquidity and extends the Company's weighted average debt maturities
The Senior Notes are expected to price tomorrow (May 29th)
Transaction Update
(Fiscal Years)
US$90 US$60
US$150M Greenpac RCF
$473
$750M CAS RCF
Greenpac RCF Undrawn Greenpac RCF Drawn CAS RCF Undrawn
CAS RCF Drawn
DDTL
Senior Notes Term Loan
$277 US$445
US$260
2025
US$25
2026
2027
2028
2029
2030
2031
2032
2033
US$400
Q1'2025 (C$M)
Maturity
Q1'25 2
Pro Forma
Recourse Debt
Revolving Credit Facility (C$750M)
Term Loan (US$260M)
5.125% 2026 Notes (US$206M)
5.375% 2028 Notes (US$445M)
2027
2027
2026
2028
$542
$374
$296
$644
$277
$374
--
$644
New 2030 Notes (US$400M)
2030
--
$575
Senior Unsecured DDTL (US$121M) Leases and Other Debt
Non-Recourse Debt
Greenpac Credit Facility (US$150M) Leases and Other Debt
2026
--
2027
--
$36
$246
$87
$20
$36
$240
$87
$20
Total Debt
$2,245
$2,253
Cash and Cash Equivalents
($29)
($29)
Total Net Debt
$2,216
$2,224
EBITDA (A) LTM
$523
$523
Net Debt / EBITDA (A)
4.24x
4.25x
Sources
C$
New 2030 Notes (US$400M)
$575
Total Sources
$575
Uses
C$
Repayment of 2026 Notes
$296
Partial Repayment of Revolver
$265
Accrued interest on 2026 notes
$7
Est. Fees and Expenses
$7
Total Uses
$575
The Corporation is currently considering various options to strengthen its financial and liquidity position
USDCAD as at March 31, 2025: 1.4376.
For period ended March 31, 2025.
Disclaimer
Cascades Inc. published this content on May 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 28, 2025 at 17:07 UTC.