Rayonier Advanced Materials Inc. announced that, in working with its lenders under its Senior Secured Credit Agreement, it has entered into an amendment under which, among other changes, the lenders have agreed to relax the financial covenants through 2022.
In addition, the amendment provides additional liquidity to the company by reducing the minimum availability the company is required to maintain under its revolving credit facility. The amendment added a 1% LIBOR floor and lenders were paid a customary fee as consideration for their consent to the amendment.
Rayonier Advanced Materials is a global leader of cellulose-based technologies. The company also manufactures products for lumber, paper and packaging markets.
