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Rayonier Advanced Materials Reaffirms Commitment To Debt Reduction

Benzinga · 06/09/2022 11:53
  • Rayonier Advanced Materials Inc (NYSE:RYAMupdated its FY22 Adjusted EBITDA guidance to ~$160 million, subject to supply chain volatility and timing of sales recognition.
  • The company delivered $128 million of Adjusted EBITDA in FY21.
  • "With the completion of the planned maintenance outages at all four of our manufacturing facilities by the end of June, along with strong demand for our products, cost surcharge implementation and ongoing efforts to mitigate cost inflation, I am confident with our ability to achieve these results," said CEO De Lyle W. Bloomquist.
  • Additionally, RYAM repurchased $20 million of its 5.5% Senior Unsecured Notes in the open market at prices below par.
  • The Board recently approved an additional $50 million of repurchases under certain conditions.
  • RYAM expects to reduce Adjusted Net Debt to ~$725 million by the end of FY22.
  • Price Action: RYAM shares are trading higher by 2.38% at $3.87 on the last check Thursday.