On March 15, 2019, we entered into an interest rate swap agreement maturing in August 2022, with a fictitious amount of $100 million to limit our exposure to interest rate fluctuations and set interest rates on a portion of our long-term debt. Under this agreement, we pay a fixed interest rate of 2.47% and we get a variable interest rate of 3 months LIBOR. The agreement is counted as a derivative. Profits or losses related to changes in fair value are included in other revenues in our consolidated income statement. During the quarter, a loss of $1 million related to the agreement was recorded in other revenues. The forest management area covered by this plan is FMA 8800025, which is assigned to West Fraser Mills Ltd. (Hinton) by the Legislative Council (O.C 565/2007) of January 14, 2008. The FMA area is located in central western Alberta; It belongs to the upper prealps, sub-alps, sub-alps, sub-alpine and montanic natural sub-regions. The HWP FMA area is located in the Oberathabasca Land-Use Framework planning area.
West Fraser Timber Co. Ltd. (“West Fraser,” “we,” “we” or “our”) is a diversified wood products company, LVL, MDF, plywood, pulp, newsprint, wood chips and energy with facilities in western Canada and the southern United States. Our Executive Office is located at 858 Beatty Street, Suite 501, Vancouver, British Columbia. West Fraser was created by amalgam articles under the Business Corporations Act (British Columbia) and is registered in British Columbia, Canada. Our common shares are listed for trading on the Toronto Stock Exchange under the symbol WFT. West Fraser is a diversified wood products company that manufactures wood, LVL, MDF, plywood, pulp, newsprint, wood chips and energy with facilities in Western Canada and the southern United States. The forest management area to be examined is the FMA Forest Management Agreement 9700032.
The forest management plan includes the forest management contract and non-FMA parts of the R13 Forest Management Unit, jointly designated as a detailed woodland area. The detailed forest area is located in the Upper Athabasca and North Saskatchewan Land-Use Framework planning areas in central western Alberta. It belongs to the Subalpine, Upper Foothills and Lower Foothills natural sub-regions. The B.C government has taken a series of policy measures concerning the B.C forestry sector. The government has launched a consultation procedure on a draft agreement called the Caribou safeguard plan, which, according to provincial estimates, introduced at least 300,000 m3 from the wood supply in the north-east of B.C. (2) Law 22, the Forest Amendment Act, was introduced in 2019, which, when introduced into law, will make it more difficult to sell a lease agreement or transfer it to a third party; and (3) the interior revitalization process, which aims to promote collaborative forest planning activities and to update the development and use of space. We are still assessing the impact of these changes on our business. For more information: Chris Virostek, Vice President, Finance and Chief Financial Officer, (604) 895-2700, www.westfraser.com Investors are invited to listen to the quarterly conference call from Friday, April 26, 2019 at 8:30 a.m.
.m. Pacific Time (11:30 .m Eastern Time) by choosing 1-888-390-0546 (free) North America. The call and a winning submission can also be viewed via West Fraser`s website at www.westfraser.com.