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Rayonier Advanced Materials Announces Sale of GreenFirst Forest Products Inc. Shares
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Rayonier Advanced Materials (RYAM) has sold 28,684,433 common shares of GreenFirst Forest Products for approximately $43.3 million to Interfor Corporation's subsidiary. This sale includes a Purchase Price Protection clause allowing RYAM to benefit from future stock price increases under specific conditions. The company plans to utilize the proceeds primarily to repay debt, particularly its Senior Notes due on June 1, 2024. With annual revenues around $1.4 billion, Rayonier focuses on cellulose-based technologies and operates in the U.S., Canada, and France.
Positive
Generated $43.3 million from the sale of shares, enhancing liquidity.
Plans to repay debt, potentially improving financial stability.
Negative
None.
JACKSONVILLE, Fla.--(BUSINESS WIRE)--
Rayonier Advanced Materials Inc. (NYSE: RYAM) (the “Company”) announced that it has sold 28,684,433 common shares of GreenFirst Forest Products Inc. to a wholly-owned subsidiary of Interfor Corporation for approximately $43.3 million. The agreement contains a Purchase Price Protection clause whereby the Company is entitled to participate in further stock price appreciation under certain circumstances and for a specified period.
Consistent with prior communications, the Company expects to use cash proceeds from this transaction to opportunistically repay debt or assist with a holistic refinancing of its capital structure, including its Senior Notes due on June 1, 2024.
About Rayonier Advanced Materials
Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties, a natural polymer commonly found in filters, food, pharmaceuticals and other industrial applications. The Company also manufactures products for paper and packaging markets. With manufacturing operations in the U.S., Canada and France, Rayonier Advanced Materials employs just over 2,500 people and generates approximately $1.4 billion of revenues. More information is available at www.rayonieram.com.
About GreenFirst Forest Products
GreenFirst is a publicly-listed (TSX: GFP) forest products company with seven sawmills and one paper mill in Eastern Canada, and licences providing long-term access to approximately 3.7 million cubic metres of fibre in the provinces of Ontario and Quebec.
About Interfor
Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual lumber production capacity of 4.9 billion board feet and offers a diverse line of lumber products to customers around the world. For more information about Interfor, visit www.interfor.com.