TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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January 8, 2024
Source: Yahoo Finance
Rayonier Advanced Materials Inc. RYAM stated that it has reached an agreement with lenders under its Term Loan Credit Agreement to get financial covenant relief from the fourth quarter of fiscal 2023 through the end of fiscal 2024.
The amendment modifies that certain Term Loan Credit Agreement, dated Jul 20, 2023, to, among other things, increase the maximum consolidated secured net leverage ratio, as defined in the Term Loan Credit Agreement that RYAM must maintain through fiscal 2024.
According to the amendment, RYAM must maintain a consolidated secured net leverage ratio of 5.25 to 1.00 from the fourth quarter of fiscal 2023 to the second fiscal quarter of 2024, 5.00 to 1.00 for the third quarter of fiscal 2024, 4.75 to 1.00 for the fourth quarter of fiscal 2024 and 4.50 to 1.00 for each fiscal quarter thereafter. Rayonier agreed to pay specific fees to the lenders under the Term Loan Credit Agreement in relation to the amendment.
Shares of Rayonier have lost 56.3% over the past year against a 7.6% rise of its industry.
