Rayonier Advanced obtains covenant relief under credit agreement

By Rebecca Melvin

New York, June 5 – Rayonier Advanced Materials Inc. has entered into an amendment with lenders under its senior secured credit agreement to relax financial covenants through 2022 and reduce the minimum availability the company is required to maintain under its revolver, according to a company release.

The amendment added a 1% Libor floor, and lenders were paid a customary fee for their consent to the amendment.

Obtaining the additional financial flexibility was deemed a prudent step in light of market uncertainty related to the Covid-19 pandemic, Rayonier Advanced’s president and chief executive Paul G. Boynton stated in the release.

Rayonier is a Jacksonville, Fla.-based provider of cellulose materials for various applications.

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