RYAM closes $700M secured term loan to refinance 2026 notes and existing debt

RAYONIER ADVANCED MATERIALS INC.

$700M senior secured term loan from Oaktree, Silver Point, Blue Torch; interest = 3M Term SOFR + 7.00%.
Proceeds used to purchase/defease 7.625% 2026 notes and repay existing 2027 term loan.
Covenant: max consolidated secured net leverage 5.00x thru FY2025, stepping to 4.50x by 2027.
Prepayment subject to make-whole plus 2% (first 18 mos), then 2% (next 6 mos), 1% (next 12 mos); par after 36 mos.
CEO says deal strengthens capital structure, provides flexibility for strategic investments and deleveraging.

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