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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Oaktree Capital Leads $700MM in Secured Term Loan Financing for RYAM
Wednesday, October 30, 2024
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Lenders/Participants
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Oaktree Capital Management L.P. [Lead Lender]
Silver Point Capital, L.P. [Lender]
Blue Torch Capital [Lender]
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Structure
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Secured Term Loan
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Amount
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$700.000
Million
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Borrower(s)
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Rayonier Advanced Materials
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Description
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Proceeds from the Term Loan, along with cash from the Company’s balance sheet are expected to be used to purchase, defease and redeem RYAM’s existing 2026 senior secured notes, to repay RYAM’s existing 2027 secured term loan financing in full and to pay related fees and expenses. The Term Loan will initially accrue interest at an annual rate equal to three-month Term SOFR plus an initial spread of 7 percent, subject to adjustment based on the Company’s consolidated net secured debt to covenant EBITDA ratio. The Term Loan will mature in five years. The Company may, with modest call premiums, voluntarily prepay the Term Loan, subject to an additional make-whole premium for the first eighteen months, followed by a 2 percent premium during the next six months and a 1 percent premium for the twelve months thereafter. The Company may prepay the Term Loan at par after 36 months. The Company will be required to maintain an initial consolidated net secured debt to covenant EBITDA ratio of no greater than 5.00 times through fiscal 2025, 4.75 times during fiscal 2026 and 4.50 times during fiscal 2027 and thereafter.
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Industry
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Specialty Industries
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Location
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FL
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| Related Tags |
Blue Torch Capital, Oaktree Capital Management, Silver Point Capital
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ABL Advisor
Deal Tables
2024
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