Rayonier (NYSE:RYAM) has concluded its previously announced sale of the Matane, Quebec pulp mill and related assets to Sappi, a global diversified wood fiber company, for a total purchase price of $175M.
Net of fees, expenses and other adjustments, the company expects to receive approximately $150M.
As previously disclosed, $100M of the proceeds will be used to repay a portion of the company's senior secured credit facilities, with the remaining funds to be retained and used for general corporate purposes.
Average analysts price target $7.58
Rayonier Advanced Materials, Inc. engages in the production and sale of cellulose specialties. Its products include high-purity cellulose, lumber, paper and pulp, and paperboard. The company operates through the following segments: High Purity Cellulose, Forest Products, Pulp and Paper. The High Purity Cellulose segment focuses on research and development capabilities and activities. The Forest Products segment manufacture and market construction-grade lumber in North America through seven sawmills located in Canada. The Pulp segment manufactures and markets high-yield pulp products. The Paper segment manufactures and markets paper products consisting of paperboard and newsprint. The company was founded in 1926 and is headquartered in Jacksonville, FL .
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