Rayonier Advanced Materials Announces Credit Agreement Amendment Providing Financial Covenant Relief Through 2021
Rayonier Advanced Materials Inc. (RYAM)
Last rayonier advanced materials inc. earnings: 2/25 08:29 pm
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Source: Business Wire
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Rayonier Advanced Materials Inc. (the “Company”) today announced that it has reached agreement with lenders under its Senior Secured Credit Agreement and entered into an amendment (the “Amendment”) under which, among other changes, the lenders have agreed to relax the Total Net Senior First Lien Secured Leverage Ratio and Interest Coverage Ratio tests through 2021. The Amendment also increases the interest rate margin on borrowings to be paid to lenders by a maximum of 1.25 percent, subject to operation of a pricing grid which provides for reduced interest rate margins with improved leverage ratios; provides additional collateral for the lenders; and requires the Company to maintain availability under its revolving credit facility in specified amounts that vary to reflect the seasonality of the business. Lenders were paid a customary fee as consideration for their consent to the Amendment.Under the terms of the Amendment, the Company will also
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RYAM
Earnings
- 2/27/24 - Miss
RYAM
Sec Filings
- 4/12/24 - Form 4
- 4/3/24 - Form DEFA14A
- 3/29/24 - Form ARS
- RYAM's page on the SEC website