Western Forest Products Enters Into New $30 Million Bilateral Term Loan

VANCOUVER, British Columbia, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Western Forest Products Inc. (TSX: WEF) (“Western” or the “Company”) announced today that it has entered into an amendment to its $250 million syndicated credit facility to allow for the concurrent closing of a new $30 million bilateral term loan (the “Term Loan”) with Royal Bank of Canada. The Term Loan has an initial maturity of July 21, 2028, with the potential to extend the term for a total of up to 90 months, and is incremental to the Company’s existing $250 million syndicated credit facility (the “Credit Facility”). The Term Loan is guaranteed by Business Development Canada under its Softwood Lumber Guarantee Program and is subject to the same financial covenants as the existing Credit Facility, which remain unchanged. Proceeds from the Term Loan will be used to repay outstanding drawings of the Credit Facility. A copy of the amendment will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca.

About Western Forest Products Inc.

Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity of 700 million board feet from five sawmills, as well as operates four remanufacturing facilities and two glulam manufacturing facilities. The Company sources timber from its long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.

Forward-looking Statements

This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by the use of words such as “will”, “potential”, and similar references to future periods. Forward-looking statements in this press release include, but are not limited to, statements relating to our current intent, belief or expectations with respect to: the use of the proceeds from the Term Loan and extension of the Term Loan past July 21, 2028. Although such statements reflect management’s current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different, including factors referenced under the “Risks and Uncertainties” section of our MD&A in our 2025 Annual Report dated February 10, 2026.

For further information, please contact:
Glen Nontell
Chief Financial Officer
(604) 648-4500