Appleton Coated Update

We are pleased to announce that Monadnock Paper Mills, Inc. has joined as a patron of the Sustainable Green Printing Partnership, highlighting its environmental leadership and commitment to the industry’s growing sustainable supply chain. The Sustainable Green Printing Partnership (SGP) is a non-profit organization that certifies printing facilities’ sustainability best practices, including and beyond regulatory compliance. SGP advocates best practices and innovation among print community stakeholders, aligning the printing industry and its customers in the pursuit of a more accountable sustainable supply chain. Monadnock is a long-time leader in crafting sustainable and premium printing, packaging, and specialty technical papers for leading brands worldwide.

Northern Pulp Nova Scotia announced that the British Columbia Supreme Court (the “Court”) has approved the requests made by Northern Pulp to, among other things, extend the protection under the Companies’ Creditors Arrangement Act (the “CCAA”) to October 31, 2021. The Court has also approved the amendment of the interim financing milestones under the interim financing facility to coincide with the Stay Extension and approved an additional draw of $6.0 million to meet obligations during the extended timeframe. Throughout the Stay Extension, Northern Pulp will continue to manage and maintain the mill and advance plans to transform its operations.

Rayonier Advanced Materials Inc. announced that, in working with its lenders under its Senior Secured Credit Agreement, it has entered into an amendment under which, among other changes, the lenders have agreed to relax the financial covenants through 2022. In addition, the Amendment provides additional liquidity to the Company by reducing the minimum availability the Company is required to maintain under its revolving credit facility. The Amendment added a 1 percent LIBOR floor and lenders were paid a customary fee as consideration for their consent to the Amendment. “In light of the COVID-19 pandemic, it was prudent to obtain additional financial flexibility to ensure continued compliance with our covenants,” said Paul G. Boynton, President and Chief Executive Officer. “We believe we now have the runway to manage the business through these challenging conditions, enabling us to continue to service our customers and emerge a stronger and more profitable organization.”