Rayonier Advanced Materials Completes Sale of Matane, Quebec Pulp Mill
November 04 2019 - 8:00AM
Business Wire
Rayonier Advanced Materials Inc. (NYSE: RYAM, the “Company”)
announced today that it has completed its previously announced sale
of the Matane, Quebec pulp mill and related assets to Sappi, a
global diversified wood fiber company, for a total purchase price
of US$175 million. Net of fees, expenses and other adjustments, the
Company expects to receive approximately US$150 million. As
previously disclosed, US$100 million of the proceeds will be used
to repay a portion of the Company’s Senior Secured Credit
Facilities, with the remaining funds to be retained by the Company
and used for general corporate purposes, including funding
operations and repaying debt.
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 cell phones,
computer screens, filters and pharmaceuticals. The Company also
manufactures products for lumber, paper and packaging markets. With
manufacturing operations in the U.S., Canada and France, Rayonier
Advanced Materials employs approximately 4,200 people and had
revenues of US$2.1 billion in 2018. More information is available
at www.rayonieram.com.
Forward-Looking Statements
Certain statements in this document regarding anticipated
financial, business, legal or other outcomes including business and
market conditions, outlook and other similar statements relating to
Rayonier Advanced Materials’ or future or expected events,
developments or financial or operational performance or results,
are "forward-looking statements" made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and other federal securities laws. These forward-looking statements
are identified by the use of words such as "may," "will," "should,"
"expect," "estimate," "believe," "intend," "anticipate" and other
similar language. However, the absence of these or similar words or
expressions does not mean that a statement is not forward-looking.
While we believe these forward-looking statements are reasonable
when made, forward-looking statements are not guarantees of future
performance or events and undue reliance should not be placed on
these statements. Although we believe the expectations reflected in
any forward-looking statements are based on reasonable assumptions,
we can give no assurance these expectations will be attained and it
is possible that actual results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks and uncertainties.
Other important factors that could cause actual results or
events to differ materially from those expressed in forward-looking
statements that may have been made in this document are described
or will be described in our filings with the U.S. Securities and
Exchange Commission, including our Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Rayonier Advanced Materials assumes
no obligation to update these statements except as is required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191104005231/en/
Media: Eric Johnson, 904-357-9134 Investors: Mickey Walsh,
904-357-9162
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