Ilim Group, one of the global leaders in the pulp and paper industry and the leading supplier of pulp and paper products to China, will celebrate 20 years of its continuous presence in China in 2016. Over these years, Ilim Group has supplied a total of 15 million tons of pulp and paper products to this strategic market. Ilim Group regards China as one of its key markets and supplies the widest range of pulp and paper products as compared to other international suppliers. Ilim Group has more than 55 direct customers and exports softwood and hardwood pulp, and containerboard to over 500 Chinese plants. Ilim’s success in China is largely due to the favorable location of its production facilities, efficient logistics specifically designed to cover the key regions of China, and deep understanding of the Chinese market acquired throughout the years of business activity in the region.
Rayonier Advanced Materials Inc. (the “Company”) today announced that, in working with its lenders under its Senior Secured Credit Agreement, it has entered into an amendment (the “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.”