MANISTIQUE — UP Paper has successfully completed refinancing to support the ongoing development and improvement of its operations, the Manistique-based paper company announced in a press release Monday..

The refinancing consists of two components: An allocation of Federal New Markets Tax Credits from Michigan Community Capital, which provides favorable terms for businesses investing in defined economically distressed regions; and conventional term and revolving credit facilities with JPMorgan Chase.

According to the release, the refinancing allows UP Paper to accomplish several key objectives including completing the acquisition of the process equipment and real estate associated with the paper mill in Manistique, funding several projects that will improve quality and productivity while reducing operating costs, and consolidating debt on favorable terms, reflecting the company’s now established operating history.

“We will conclude several high-impact investments early in 2020. These projects will increase our capacity to 120,000 tons of 100 percent recycled lightweight kraft paper and enhance our capabilities to serve this growing market. The refinancing improves the attractiveness of these capital expenditures,” said UP Paper’s CEO Lars Dannberg.

UP Paper LLC was formed in 2016 and is located in Manistique at the site of the former Manistique Papers mill.