Rayonier Advanced Materials Announces Sale of GreenFirst Forest Products Inc. Shares
May 3, 2022
JACKSONVILLE, Fla. (News release) -- Rayonier Advanced Materials Inc. announced that it has sold 28,684,433 common shares of GreenFirst Forest Products Inc. to a wholly-owned subsidiary of Interfor Corporation for approximately $43.3 million. The agreement contains a Purchase Price Protection clause whereby the Company is entitled to participate in further stock price appreciation under certain circumstances and for a specified period.
Consistent with prior communications, the Company expects to use cash proceeds from this transaction to opportunistically repay debt or assist with a holistic refinancing of its capital structure, including its Senior Notes due on June 1, 2024.