Rayonier Advanced Materials Inc. announced that it has reached an agreement with lenders under its Term Loan Credit Agreement to obtain financial covenant relief for the period beginning with the fourth quarter of the Company?s 2023 fiscal year through the end of its 2024 fiscal year. The amendment amends that certain Term Loan Credit Agreement, dated as of July 20, 2023, to, among other things, increase the maximum consolidated secured net leverage ratio, as defined in the Term Loan Credit Agreement, that RYAM must maintain through its 2024 fiscal year. Pursuant to the amendment, RYAM is required to maintain a consolidated secured net leverage ratio of 5.25 to 1.00 for the fourth fiscal quarter of 2023 through the second fiscal quarter of 2024, 5.00 to 1.00 for the third fiscal quarter of 2024, 4.75 to 1.00 for the fourth fiscal quarter of 2024 and 4.50 to 1.00 for each fiscal quarter thereafter.

RYAM agreed to pay the lenders under the Term Loan Credit Agreement certain fees in connection with the amendment.