Rayonier Advanced Materials Announces Credit Agreement Amendment Providing Extended Financial Covenant Relief and Additional Liquidity
Monday, June 8, 2020 11:30 am
FLORIDA (News release) -- 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 percent LIBOR floor and lenders were paid a customary fee as consideration for their consent to the Amendment.