--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-190558" form_type: "8-K" ticker: "RYAM" cik: "0001597672" company_name: "RAYONIER ADVANCED MATERIALS INC." filed_at: "2023-07-20T23:59:59+00:00" generated_at: "2026-06-13T05:36:18.702553+00:00" event_type: "debt" sentiment: "positive" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # RYAM secures $250M Oaktree loan to refinance $318M 2024 notes, matures 2027 ## Summary - $250M term loan from Oaktree at 3-month SOFR (3% floor) +8.00%, matures July 20, 2027. - $150M pari passu facility at SOFR+8.50%; both facilities secured on pari passu basis with 2026 notes. - Proceeds plus ~$85M cash redeem all $318M of 5.5% senior notes due 2024 on Aug 19, 2023 at par. - Term loan amortizes quarterly at 0.5% of initial principal; prepayment premiums apply before third anniversary. - ABL Agreement amended to permit new debt; consolidated secured net leverage ratio covenant ≤4.50x. ## SEC filing metadata - accession: 0001193125-23-190558 - form_type: 8-K - ticker: RYAM - cik: 0001597672 - company_name: RAYONIER ADVANCED MATERIALS INC. - filed_at: 2023-07-20T23:59:59+00:00 - event_type: debt - sentiment: positive - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.03, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1597672/000119312523190558/0001193125-23-190558-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1597672/000119312523190558/d537511d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-190558 - JSON: https://secwatch.observer/filing/0001193125-23-190558.json - Plain text: https://secwatch.observer/filing/0001193125-23-190558.txt ## Key facts - Debt Financings RAYONIER ADVANCED MATERIALS INC. incurred term loan of $250 million with Oaktree Capital Management, L.P. at three-month Term SOFR (or, if greater, 3.00%) plus 8.00% maturing four year anniversary of the Closing Date. - Instrument: term loan - Principal: $250 million - Counterparty: Oaktree Capital Management, L.P. - Rate: three-month Term SOFR (or, if greater, 3.00%) plus 8.00% - Maturity: four year anniversary of the Closing Date - Event: incurrence source text: The Term Loan Credit Agreement provides for a senior secured term loan facility of $250 million (the “Term Loan Facility”). The proceeds from the Term Loan Facility will be used to (a) fund the Pari Passu Facility (as defined below) to RYAM, (b) pay fees and expenses related to the transactions and (c) fund a distribution on equity to Rayonier A.M. Products Inc., a Delaware corporation (“RAM Products”). The proceeds of the Pari Passu Facility and such distribution will be used directly or indirectly, together with cash on hand, to fund the redemption in full of the 2024 Notes (as defined below) and to pay fees and expenses related to the transactions. The Lux Borrower’s obligations under the Term Loan Facility are unsecured. The Lux Borrower’s obligations under the Term Loan Facility are guaranteed (the “Term Loan Guarantees”) by RYAM and each subsidiary of RYAM that guarantees RAM Products’ Senior Secured Notes due 2026 (the “2026 Notes”) (collectively with RYAM, the “Guarantors”), an evidence_url: https://www.sec.gov/Archives/edgar/data/1597672/000119312523190558/0001193125-23-190558-index.htm - Debt Financings RAYONIER ADVANCED MATERIALS INC. incurred term loan of $150 million with Lux Borrower (RYAM Lux SARL) at three-month Term SOFR (or, if greater, 3.00%) plus 8.50% maturing four year anniversary of the Closing Date. - Instrument: term loan - Principal: $150 million - Counterparty: Lux Borrower (RYAM Lux SARL) - Rate: three-month Term SOFR (or, if greater, 3.00%) plus 8.50% - Maturity: four year anniversary of the Closing Date - Event: incurrence source text: On the Closing Date, immediately following the borrowing of the loans under the Term Loan Credit Agreement, RYAM entered into a Credit Agreement (the “Pari Passu Credit Agreement”), as borrower, with the Lux Borrower, as lender, and the Guarantors (other than RYAM), as guarantors. The Pari Passu Credit Agreement provides for a senior secured term loan facility (the “Pari Passu Facility”) of $150 million. RYAM’s obligations under the Pari Passu Facility are guaranteed (the “Pari Passu Facility Guarantees”) by the Guarantors (other than RYAM), and RYAM’s obligations thereunder and the Pari Passu Facility Guarantees are secured by the same assets of RYAM and such Guarantors as secure the 2026 Notes and the Term Loan Facility on a pari passu basis with the liens on such assets securing such obligations. The Pari Passu Facility bears interest at a rate per annum rate equal to three-month Term SOFR (or, if greater, 3.00%) plus 8.50%. The Pari Passu Facility matures on the four year anniversa evidence_url: https://www.sec.gov/Archives/edgar/data/1597672/000119312523190558/0001193125-23-190558-index.htm - Material Agreements RAYONIER ADVANCED MATERIALS INC. entered into Pari Passu Credit Agreement with RYAM Lux SARL valued at $150,000,000 (effective 2023-07-20). - Action: entry - Agreement: credit facility - Counterparty: RYAM Lux SARL - Value: $150,000,000 - Effective: 2023-07-20 source text: On the Closing Date, immediately following the borrowing of the loans under the Term Loan Credit Agreement, RYAM entered into a Credit Agreement (the “Pari Passu Credit Agreement”), as borrower, with the Lux Borrower, as lender, and the Guarantors (other than RYAM), as guarantors. evidence_url: https://www.sec.gov/Archives/edgar/data/1597672/000119312523190558/0001193125-23-190558-index.htm - Material Agreements RAYONIER ADVANCED MATERIALS INC. entered into Term Loan Credit Agreement with Oaktree Capital Management, L.P. valued at $250,000,000 (effective 2023-07-20). - Action: entry - Agreement: credit facility - Counterparty: Oaktree Capital Management, L.P. - Value: $250,000,000 - Effective: 2023-07-20 source text: On July 20, 2023 (the “Closing Date”), RYAM Lux SARL a private limited liability company ( Société à responsabilité limitée ) incorporated under the laws of Luxembourg (the “Lux Borrower”), a wholly owned subsidiary of Rayonier Advanced Materials Inc., a Delaware corporation (“RYAM”), entered into a Term Loan Credit Agreement (the “Term Loan Credit Agreement”), as borrower, with RYAM and certain of its other subsidiaries from time to time party thereto as guarantors, certain funds managed by Oaktree Capital Management, L.P., as lenders (the “Term Lenders”), Oaktree Fund Administration, LLC, as administrative agent (“Oaktree”), and Computershare Trust Company, N.A., as collateral agent. evidence_url: https://www.sec.gov/Archives/edgar/data/1597672/000119312523190558/0001193125-23-190558-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.