secwatch.observer — SEC 8-K summary
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Issuer:     RAYONIER ADVANCED MATERIALS INC. (RYAM)
CIK:        0001597672
Form:       8-K
Filed at:   2023-07-20T23:59:59+00:00
Accession:  0001193125-23-190558
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 secures $250M Oaktree loan to refinance $318M 2024 notes, matures 2027
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1597672/000119312523190558/0001193125-23-190558-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1597672/000119312523190558/d537511d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-190558

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