09:27 AM EDT, 10/29/2024 (MT Newswires) -- Rayonier Advanced Materials ( RYAM ) said Tuesday it has obtained a secured term loan financing of $700 million from funds managed by Oaktree Capital Management, including certain affiliates and managed funds of Silver Point Capital and Blue Torch Capital.

The company intends to use the proceeds, along with cash from its balance sheet, to redeem its current 2026 senior secured notes, and for the repayment in full of its current 2027 secured term loan financing, Rayonier added.

Shares of the company were up 2.5% in recent premarket activity.

Price: 8.30, Change: +0.20, Percent Change: +2.47