West Fraser secures $500M term loan, declares dividend

West Fraser Timber Co. Ltd. refinances its term debt, boosts liquidity metrics, and maintains a US$0.32 quarterly dividend for shareholders.

Rhea-AI Filing Summary

West Fraser Timber Co. Ltd. (WFG) has entered into a new $500 million three-year term loan maturing in September 2029, using partial proceeds to retire its existing $300 million term loan due in 2028. The company’s $1 billion syndicated credit facility remains undrawn and in place to its May 2030 maturity.

On a pro forma basis at the end of the second quarter, this capital structure would have supported a cash balance of $219 million, available liquidity of over $1.2 billion, and a net debt to capital ratio of 5.4%. West Fraser also declared a quarterly dividend of US$0.32 per share on its Common and Class B Common shares, payable on October 19, 2026 to shareholders of record on September 29, 2026, designated as eligible dividends for Canadian tax purposes.

Positive

• $500 million new term loan extends debt maturity to September 2029 and supports pro forma available liquidity over $1.2 billion.
• Quarterly dividend of US$0.32 per share is declared, with eligibility for Canadian eligible dividend tax treatment.

Negative

• None.

Filing Explained

The new debt is floating-rate and repayable without penalty, but paid-down amounts cannot be redrawn; the dividend may be received in Canadian dollars.

The September 16, 2026 Form 6-K reports that West Fraser has entered into the new term loan and declared a dividend; the loan's disclosed mechanics add floating-rate debt that can be repaid but not redrawn after payment.

Form 6-K is an interim report used by a foreign private issuer to furnish material information published in its home market. The new facility bears interest at floating rates based on US Base Rate Advances or SOFR Advances and is repayable in whole or in part without penalty.

The dividend is payable in U.S. dollars, but shareholders may elect to receive it in Canadian dollars under the company's stated election procedure.

Key Figures

New term loan amount: $500 million Existing term loan retired: $300 million Syndicated credit facility: $1 billion +4 more

7 metrics

New term loan amount $500 million Three-year term loan maturing in September 2029

Existing term loan retired $300 million Existing term loan due in 2028 to be retired with partial proceeds

Syndicated credit facility $1 billion Undrawn facility with maturity in May 2030

Pro forma cash balance $219 million Pro forma at end of second quarter after refinancing

Pro forma available liquidity Over $1.2 billion Pro forma at end of second quarter

Net debt to capital ratio 5.4% Pro forma at end of second quarter

Quarterly dividend per share US$0.32 per share Payable October 19, 2026 to shareholders of record September 29, 2026

Key Terms

available liquidity, net debt to capital ratio, eligible dividends, SOFR Advances, +2 more

6 terms

available liquidity financial

"Proforma for the refinancing ... available liquidity of over $1.2 billion"

Available liquidity is the amount of cash and easily sold assets a company or market has on hand to meet short-term needs and execute trades without causing big price swings. Investors care because higher available liquidity means a company can pay bills, survive downturns, and lets buyers or sellers enter and exit positions quickly—think of it like the cash in your wallet that lets you cover an unexpected expense or jump on a good opportunity.

net debt to capital ratio financial

"available liquidity of over $1.2 billion, and a net debt to capital ratio of 5.4%"

Net debt to capital ratio measures how much of a company’s financing comes from debt after subtracting cash, compared with its total financing (debt plus shareholders’ equity). Think of it like a household’s mortgage balance minus savings divided by the home’s total value; a higher ratio means more leverage and financial risk. Investors use it to judge a company’s ability to weather downturns, pay interest, and fund growth without diluting owners or raising costly borrowing.

eligible dividends financial

"Dividends are designated to be eligible dividends pursuant to subsection 89(14)"

Eligible dividends are a type of corporate payout that carries a stronger tax benefit for individual shareholders because they come from profits that were taxed at higher corporate rates. Think of them like a higher-value coupon: investors receive cash and, when filing taxes, get a bigger credit that reduces the amount of tax owed on that income. That matters to investors because the after-tax amount they actually keep can be noticeably higher than for other kinds of dividends, affecting yield comparisons and portfolio income planning.

SOFR Advances financial

"Interest on the term loan facility continues to be payable at floating rates based on US Base Rate Advances or SOFR Advances"

US Base Rate Advances financial

"payable at floating rates based on US Base Rate Advances or SOFR Advances"

Non-GAAP and Other Specified Financial Measures financial

"This news release contains certain specified financial measures within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What financing did West Fraser (WFG) announce in this 6-K?

West Fraser announced a new $500 million three-year term loan maturing in September 2029, with partial proceeds to retire its existing $300 million term loan due in 2028. Its $1 billion syndicated credit facility remains outstanding on existing terms to May 2030.

How does the new loan affect West Fraser (WFG)’s liquidity position?

On a pro forma basis at the end of Q2 2026, the refinancing would have resulted in a cash balance of $219 million, available liquidity of over $1.2 billion, no draws on the syndicated credit facility, and a net debt to capital ratio of 5.4%.

What dividend did West Fraser (WFG) declare and when is it payable?

West Fraser declared a quarterly dividend of US$0.32 per share on its Common and Class B Common shares, payable on October 19, 2026 to shareholders of record on September 29, 2026. The dividend is designated as an eligible dividend for Canadian tax purposes.

In what currency will West Fraser (WFG) pay the declared dividend?

The dividend is declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars, with election procedures described in the Investors/Dividends section of West Fraser’s website.

What are the interest terms on West Fraser (WFG)’s new term loan?

Interest on the term loan is payable at floating rates based on US Base Rate Advances or SOFR Advances, at West Fraser’s option. The loan is repayable at any time, in whole or in part, without penalty, but amounts repaid cannot be redrawn.

How long does West Fraser (WFG)’s syndicated credit facility remain available?

West Fraser’s $1 billion syndicated credit facility remains outstanding on existing terms and has approximately four years remaining to its May 2030 maturity. Pro forma for the refinancing, there were no draws on this facility at the end of the second quarter.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2026

Commission File Number: 001-39974

WEST FRASER TIMBER CO. LTD.

(Exact name of Registrant, as specified in its charter)

1500 - 885 West Georgia Street

Vancouver, British Columbia

Canada, V6C 3E8

Tel: (604) 895-2700

(Address and Telephone Number of Registrant’s Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.  

Form 20-F ☐   Form 40-F ☒

EXHIBIT INDEX

Exhibit		Description
99.1		West Fraser Announces Term Loan Refinancing and Declares Dividend

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 16, 2026

WEST FRASER TIMBER CO. LTD.

/s/ Christopher A. Virostek

Christopher A. Virostek

Executive Vice-President and Chief Financial Officer

Exhibit 99.1

News Release  

For Immediate Release

West Fraser Announces Term Loan Refinancing and Declares Dividend

VANCOUVER, B.C., September 16, 2026 - West Fraser Timber Co. Ltd. (“West Fraser” or the “Company”) (TSX and NYSE: WFG) announced today that it has entered into a new $500 million three-year term loan, partial proceeds of which will be used to retire its existing $300 million term loan due in 2028. The new term loan matures in September 2029. The Company’s $1 billion syndicated credit facility remains outstanding on existing terms and has approximately four years remaining to its May 2030 maturity. Interest on the term loan facility continues to be payable at floating rates based on US Base Rate Advances or SOFR Advances at our option. This loan is repayable at any time, in whole or in part, at our option and without penalty, but cannot be redrawn after payment.

Proforma for the refinancing, at the end of the second quarter this would have resulted in a cash balance of $219 million, no draw on our syndicated credit facility, available liquidity¹ of over $1.2 billion, and a net debt to capital ratio¹ of 5.4%.

“Entering into a new $500 million term loan strengthens our near-term liquidity position and provides additional financial flexibility,” said Sean McLaren, President and CEO, West Fraser. “We appreciate this signal of confidence from our banking partners as we continue to execute our business strategy.”

The Company has also declared a quarterly dividend of US$0.32 per share on the Common shares and Class B Common shares in the capital of the Company, payable on October 19, 2026 to shareholders of record on September 29, 2026.

Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.

Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars. Details regarding the election procedure are available on our website at www.westfraser.com in the “Investors/Dividends” section.

About West Fraser

West Fraser is a diversified wood products company with more than 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), northern bleached softwood kraft pulp, paper, wood chips, and other residuals. West Fraser’s products are used in home construction, repair and remodelling, industrial applications, papers and tissue. For more information about West Fraser, visit www.westfraser.com.

¹ Capital management measures. Refer to the section entitled “Non-GAAP and Other Specified Financial Measures” in this news release.

Forward-Looking Statements

This news release contains statements and information that constitute “forward-looking information” or “forward-looking statements” (collectively, “forward -looking statements”) within the meaning of applicable Canadian and United States securities laws. Forward-looking statements include statements that are forward-looking or predictive in nature and are dependent upon or refer to future events or conditions. We use words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would”, and “could”, to identify these forward-looking statements. These forward-looking statements include, among other things, the ability to strengthen our near-term liquidity position and provides additional financial flexibility, available liquidity to support operations and our projected capital expenditures and business plans, and expected continuity of dividends. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us considering our experience and our perception of historical trends and current conditions and are subject to inherent risks and uncertainties including assumptions in connection with the economic and financial conditions in the U.S., Canada, U.K., Europe and globally and consequential demand for our products, and variability of operating schedules and the impact of the conflicts in Ukraine and the Middle East or elsewhere, future increases in interest rate and inflation, availability of financing, bank lines, securitization programs and/or other means of liquidity, general business and economic conditions and the future operation and financial performance of the Company generally. Readers should also refer to the risk factors set forth in the Company’s annual information form and management’s discussion and analysis for the year ended December 31, 2025, each dated February 11, 2026, as updated in our quarterly reports from time to time and other documents, available at SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov/edgar). There can be no assurance that the plans, intentions, or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. There can be no assurance that the plans, intentions, or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Non-GAAP and Other Specified Financial Measures

This news release contains certain specified financial measures within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure, including the capital management measures “available liquidity” and “net debt to capital ratio”. These Non-GAAP and other specified financial measures are not generally accepted financial measures under IFRS Accounting Standards and do not have standardized meanings prescribed by IFRS Accounting Standards. As there is no standardized method of calculating any of these Non-GAAP and other specified financial measures, our method of calculating each of them may differ from the methods used by other entities and, accordingly, our use of any of these Non-GAAP and other specified financial measures may not be directly comparable to similarly titled measures used by other entities. Accordingly, these Non-GAAP and other specified financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. These measures are described in the section entitled “Non-GAAP and Other Specified Financial Measures” in the Company’s management discussion and analysis for the three and six months ended July 3, 2026 (“Q2 MD&A”), including an explanation of their composition and how management uses them. Such disclosure is incorporated by reference into this news release. Our Q2-26 MD&A and interim consolidated financial statements and accompanying notes are available on our website at www.westfraser.com and the System for Electronic Document Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca and the Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”) website at www.sec.gov/edgar under the Company’s profile.

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For More Information

Investor Contact

Anil Aggarwala

Director, Treasurer and Investor Relations

Tel. (604) 245-9718

shareholder@westfraser.com

Media Contact

Joyce Wagenaar

Director, Communications

Tel. (604) 817-5539

media@westfraser.com

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Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 13.9 KB