Rayonier A.M. details $650 million credit facility pricing, structure

By Sara Rosenberg

New York, May 29 - Rayonier A.M. Products LLC disclosed in a 10-12B filed with the Securities and Exchange Commission on Thursday that its $650 million senior secured credit facility will have pricing ranging from Libor plus 125 basis points to Libor plus 200 bps based on total net leverage.

The facility consists of a $110 million term loan A-1, a $290 million term loan A-2 and a $250 million revolver.

Bank of America Merrill Lynch and CoBank are the joint lead arrangers on the deal.

Proceeds will be used to fund a distribution to Rayonier and be available for working capital and general corporate purposes.

Other funds for the transaction are coming from $550 million of notes.

Rayonier A.M. is a Jacksonville, Fla.-based producer of high-purity cellulose.

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