Rayonier Advanced Materials Announces More Than $150 Million Of Deleveraging
09/22/21, 8:37 PM
Location
jacksonville
Money raised
$150 million
Rayonier Advanced Materials Inc. (NYSE: RYAM, the “Company”) announced today that it has provided notice to the trustee under the indenture governing its 7.625% Senior Secured Notes due 2026 (the “Secured Notes”) that on October 7, 2021 it intends to redeem $25 million of the Secured Notes pursuant to the Special Asset Sale Redemption provisions in such indenture at a redemption price of 103.000% of the aggregate principal amount of Secured Notes redeemed, plus accrued and unpaid interest thereon to, but excluding the redemption date. In addition, the Company announced today that during its current fiscal quarter it has repurchased approximately $126.5 million of its 5.50% Senior Notes due 2024 (the “Unsecured Notes”) through open-market transactions and has retired such Unsecured Notes for approximately $123.5 million. With the transactions announced today resulting in more than $150 million of deleveraging, the Company has demonstrated its commitment to focusing on debt reduction as a primary use of near-term cash.
Company Info
Location
jacksonville, florida, united states
Additional Info
Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties, a natural polymer commonly found in filters, food, pharmaceuticals and other industrial applications. The Company also manufactures products for paperboard and high-yield pulp markets. With manufacturing operations in the U.S., Canada and France, Rayonier Advanced Materials generated approximately $1.3 billion of revenues during 2020 and currently employs approximately 2,500 people. More information is available at www.rayonieram.com.