S&P assigns Rayonier notes B

S&P said it assigned its B issue-level rating and 3 recovery rating to Rayonier Advanced Materials Inc.'s (RYAM) planned $325 million of senior secured notes due 2028 to be issued by Rayonier A.M. Products Inc. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery in default. The agency trimmed the issue-level rating on the company's 7 5/8% senior secured notes due 2026 to B from B+ and revised the recovery rating to 3 from 2.

The company plans to use the proceeds and cash on hand, to redeem its senior unsecured notes due 2024 and pay related transaction costs.

The outlook is stable.

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