secwatch.observer — SEC 8-K summary
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Issuer:     RAYONIER ADVANCED MATERIALS INC. (RYAM)
CIK:        0001597672
Form:       8-K
Filed at:   2024-10-29T23:59:59+00:00
Accession:  0001140361-24-044534
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1597672/000114036124044534/0001140361-24-044534-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1597672/000114036124044534/ef20037818_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-044534

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