RYAM Updates 2022 Adjusted EBITDA Guidance and Reaffirms Commitment to Debt Reduction
09 Junho 2022 - 7:55AM
Business Wire
Company sets full year 2022 Adjusted EBITDA
guidance of approximately $160 million
Authorized to repay debt up to $50 million
Rayonier Advanced Materials Inc. (NYSE:RYAM) (the “Company”)
today announced updated Adjusted EBITDA guidance for full year 2022
of approximately $160 million subject to supply chain volatility
and timing of sales recognition. Comparatively, the Company
delivered $128 million of Adjusted EBITDA in 2021. This updated
guidance comes as the planned maintenance outages at all four of
the Company’s manufacturing facilities is expected to be completed
by the end of June.
Additionally, the Company announced that it repurchased $20
million of its 5.5 percent Senior Unsecured Notes in the open
market at prices below par. The Company’s Board of Directors also
recently approved an additional $50 million of repurchases under
certain conditions based on the Company’s liquidity and trading
levels. The Company expects to reduce Adjusted Net Debt to
approximately $725 million by the end of 2022.
“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 De Lyle W. Bloomquist,
President and Chief Executive Officer. “With our objective to
reduce net debt to $725 million and Adjusted EBITDA guidance of
$160 million, we expect to drive leverage to approximately 4.5
times Adjusted EBITDA by year end. This enhanced credit profile is
expected to provide improved opportunities to refinance the 2024
debt maturity well ahead of the termination date.”
Adjusted EBITDA is defined as income (loss) from
continuing operations before interest, taxes, depreciation and
amortization adjusted for items management believes do not
represent core operations. Management believes this measure is
useful to evaluate the Company's performance.
Adjusted Net Debt is defined as the amount of debt after
the consideration of the original issue discount, premiums, and
debt issuance costs, less cash. Adjusted net debt is a non-GAAP
measure of debt and is not necessarily indicative of the adjusted
net debt that may occur in future periods.
About RYAM
RYAM is a global leader of cellulose-based technologies,
including high purity cellulose specialties, a natural polymer
commonly found in filters, food, pharmaceuticals and other
industrial applications. The Company also manufactures products for
paper and packaging markets. With manufacturing operations in the
U.S., Canada and France, RYAM employs just over 2,500 people and
generated $1.4 billion of revenues in fiscal 2021. More information
is available at www.ryamglobal.com.
Forward-Looking Statements
Certain statements in this document regarding anticipated
financial, business, legal or other outcomes including business and
market conditions, outlook and other similar statements relating to
RYAM’s or future or expected events, developments or financial or
operational performance or results, are "forward-looking
statements" made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward-looking statements are identified by
the use of words such as "may," "will," "should," "expect,"
"estimate," "believe," "intend," "anticipate" and other similar
language. However, the absence of these or similar words or
expressions does not mean that a statement is not forward-looking.
While we believe these forward-looking statements are reasonable
when made, forward-looking statements are not guarantees of future
performance or events and undue reliance should not be placed on
these statements. Although we believe the expectations reflected in
any forward-looking statements are based on reasonable assumptions,
we can give no assurance these expectations will be attained and it
is possible that actual results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks and uncertainties.
Other important factors that could cause actual results or
events to differ materially from those expressed in forward-looking
statements that may have been made in this document are described
or will be described in our filings with the U.S. Securities and
Exchange Commission, including our Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. RYAM assumes no obligation to
update these statements except as is required by law.
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Media Ryan Houck 904-357-9134 Investors Mickey Walsh
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