Rayonier (RYAM) Declares Amendment to Term Loan Credit Agreement

Zacks Equity Research

3 January 2024 at 6:37 am·2-min read

Rayonier Advanced Materials Inc. RYAM stated that it has reached an agreement with lenders under its Term Loan Credit Agreement to get financial covenant relief from the fourth quarter of fiscal 2023 through the end of fiscal 2024.

The amendment modifies that certain Term Loan Credit Agreement, dated Jul 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 fiscal 2024.

According to the amendment, RYAM must maintain a consolidated secured net leverage ratio of 5.25 to 1.00 from the fourth quarter of fiscal 2023 to the second fiscal quarter of 2024, 5.00 to 1.00 for the third quarter of fiscal 2024, 4.75 to 1.00 for the fourth quarter of fiscal 2024 and 4.50 to 1.00 for each fiscal quarter thereafter. Rayonier agreed to pay specific fees to the lenders under the Term Loan Credit Agreement in relation to the amendment.

Shares of Rayonier have lost 56.3% over the past year against a 7.6% rise of its industry.

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Zacks Rank & Key Picks

Rayonier currently carries a Zacks Rank #5 (Strong Sell).

Better-ranked stocks in the basic materials space include Centrus Energy Corp. LEU, Axalta Coating Systems Ltd. AXTA and Steel Dynamics Inc. STLD.

Centrus Energy currently carries a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for LEU’s current-year earnings has been revised upward by 30.5% in the past 60 days. It beat the Zacks Consensus Estimate in three of the last four quarters while reporting in-line results on one occasion, with the average earnings surprise being 47.7%. The company’s shares have increased 58.1% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #2 (Buy). AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 30.2% in a year.

The Zacks Consensus Estimate for Steel Dynamics’ current-year earnings has been revised upward by 4.3% in the past 60 days. It currently carries a Zacks Rank #1. Steel Dynamics delivered a trailing four-quarter earnings surprise of roughly 6.5%, on average. STLD shares are up around 25% in a year.

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