Ms. Jo-Ann Longworth reports

RESOLUTE ENTERS INTO NEW ABL CREDIT FACILITY

Resolute Forest Products Inc. has entered into a new five-year credit agreement for a senior secured asset-based revolving credit facility with an aggregate lender commitment of up to $600-million at any time outstanding, subject to borrowing base availability based on specified advance rates, eligibility criteria and customary reserves. This facility replaces the company's previous $665-million senior secured asset-based revolving credit facility, originally dated as of Dec. 9, 2010, which was simultaneously terminated. (Amounts in this news release are in U.S. dollars.)

"We took advantage of our strong financial position and attractive market conditions to replace the ABL with a facility that gives us more flexible terms and conditions, improves pricing, extends maturity, and immediately lowers our cost of capital," said Jo-Ann Longworth, senior vice-president and chief financial officer. "This facility will support Resolute as we continue to execute on our growth and diversification initiatives for the future."

The $600-million facility includes a $450-million tranche available to Resolute's U.S. borrowers and its Canadian borrowers, as well as a $150-million tranche available only to its U.S. borrowers, in each case subject to the borrowing base availability of those borrowers. The facility includes a $60-million swingline subfacility and a $200-million letter of credit subfacility. The credit agreement also provides for an uncommitted ability to increase the revolving credit facility by up to $500-million, subject to certain terms and conditions. As of today, the facility is completely undrawn, with the exception of approximately $37-million of undrawn ordinary-course letters of credit. The new credit agreement contains customary covenants, representations and warranties, and events of default for asset-based credit agreements of this type. As with the facility that it replaces, the company's obligations under the facility are guaranteed by certain material subsidiaries, and they are secured by first-priority liens on accounts receivable, inventory and related assets. The facility is provided by a syndicate of nine banks, with Bank of America N.A. as U.S. administrative agent and collateral agent, and Bank of America N.A. (through its Canada branch) as Canadian administrative agent. Bank of America Merrill Lynch and Bank of Montreal arranged the facility as joint lead arrangers and joint bookrunners. Barclays Bank and Wells Fargo also acted as joint lead arrangers and joint bookrunners. Troutman Sanders LLP and McCarthy Tetrault LLP represented Resolute.