Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Page | |||
Item 2.01 | |||
Item 8.01 | |||
Item 9.01 | |||
Item 2.01 | Completion of Acquisition or Disposition of Assets |
Item 8.01 | Other Events |
Item 9.01 | Financial Statements and Exhibits |
Rayonier Advanced Materials Inc. (Registrant) | ||
BY: | /s/ MICHAEL R. HERMAN | |
Michael R. Herman | ||
Senior Vice President, General Counsel and Corporate Secretary | ||
Contacts: | ||
Media | Eric Johnson | 904-357-9134 |
Investors | Mickey Walsh | 904-357-9162 |
Historical | Matane Sale | Pro Forma | |||||||||
Net Sales | $ | 970,597 | $ | (79,304 | ) | $ | 891,293 | ||||
Cost of Sales | (927,955 | ) | 62,295 | (865,660 | ) | ||||||
Gross Margin | 42,642 | (17,009 | ) | 25,633 | |||||||
Selling, general and administrative expenses | (49,464 | ) | 854 | (48,610 | ) | ||||||
Duties | (11,520 | ) | — | (11,520 | ) | ||||||
Other operating income (expense), net | (8,422 | ) | — | (8,422 | ) | ||||||
Operating Income (Loss) | (26,764 | ) | (16,155 | ) | (42,919 | ) | |||||
Interest expense | (30,374 | ) | 2,351 | (28,023 | ) | ||||||
Interest income and other, net | (99 | ) | 5 | (94 | ) | ||||||
Other components of pension and OPEB, excluding service costs | 2,643 | (175 | ) | 2,468 | |||||||
Income (Loss) Before Income Taxes | (54,594 | ) | (13,974 | ) | (68,568 | ) | |||||
Income tax (expense) benefit | 17,627 | 3,680 | 21,307 | ||||||||
Net Income (Loss) Attributable to the Company | (36,967 | ) | (10,294 | ) | (47,261 | ) | |||||
Mandatory convertible stock dividends | (6,805 | ) | — | (6,805 | ) | ||||||
Net Income (Loss) Available to the Company's Common Stockholders | $ | (43,772 | ) | $ | (10,294 | ) | $ | (54,066 | ) | ||
Earnings Per Share of Common Stock | |||||||||||
Basic earnings (loss) per share | $ | (0.89 | ) | $ | (1.10 | ) | |||||
Diluted earnings (loss) per share | $ | (0.89 | ) | $ | (1.10 | ) | |||||
Shares used for determining basic earnings per share of common stock | 49,282,418 | 49,282,418 | |||||||||
Shares used for determining diluted earnings per share of common stock | 49,282,418 | 49,282,418 |
Historical | Matane Sale | Pro Forma | |||||||||
Net Sales | $ | 2,134,413 | $ | (177,419 | ) | $ | 1,956,994 | ||||
Cost of Sales | (1,790,244 | ) | 124,397 | (1,665,847 | ) | ||||||
Gross Margin | 344,169 | (53,022 | ) | 291,147 | |||||||
Selling, general and administrative expenses | (108,184 | ) | 3,196 | (104,988 | ) | ||||||
Duties | (25,921 | ) | — | (25,921 | ) | ||||||
Other operating expense, net | (12,422 | ) | — | (12,422 | ) | ||||||
Operating Income | 197,642 | (49,826 | ) | 147,816 | |||||||
Interest expense | (60,408 | ) | 4,474 | (55,934 | ) | ||||||
Interest income and other, net | 5,017 | 11 | 5,028 | ||||||||
Other components of net periodic benefit income (expense) | 8,723 | (377 | ) | 8,346 | |||||||
Gain on bargain purchase | 20,449 | — | 20,449 | ||||||||
Gain on debt extinguishment | 786 | — | 786 | ||||||||
Income Before Income Taxes | 172,209 | (45,718 | ) | 126,491 | |||||||
Income tax expense | (43,793 | ) | 16,754 | (27,039 | ) | ||||||
Net Income Attributable to the Company | 128,416 | (28,964 | ) | 99,452 | |||||||
Mandatory convertible stock dividends | (13,800 | ) | — | (13,800 | ) | ||||||
Net Income Available to the Company's Common Stockholders | $ | 114,616 | $ | (28,964 | ) | $ | 85,652 | ||||
Earnings Per Share of Common Stock | |||||||||||
Basic earnings per share | $ | 2.27 | $ | 1.69 | |||||||
Diluted earnings per share | $ | 1.96 | $ | 1.52 | |||||||
Shares used for determining basic earnings per share of common stock | 50,602,480 | 50,602,480 | |||||||||
Shares used for determining diluted earnings per share of common stock | 65,397,259 | 65,397,259 |
Historical | Matane Sale | Pro Forma | |||||||||
Net Sales | $ | 961,333 | $ | (20,917 | ) | $ | 940,416 | ||||
Cost of Sales | (818,281 | ) | 18,618 | (799,663 | ) | ||||||
Gross Margin | 143,052 | (2,299 | ) | 140,753 | |||||||
Selling, general and administrative expenses | (79,387 | ) | (173 | ) | (79,560 | ) | |||||
Duties | (939 | ) | — | (939 | ) | ||||||
Other operating expense, net | (1,274 | ) | — | (1,274 | ) | ||||||
Operating Income | 61,452 | (2,472 | ) | 58,980 | |||||||
Interest expense | (40,447 | ) | 480 | (39,967 | ) | ||||||
Interest income and other, net | 2,350 | 2 | 2,352 | ||||||||
Other components of net periodic benefit income (expense) | (2,995 | ) | (45 | ) | (3,040 | ) | |||||
Gain on bargain purchase | 316,555 | — | 316,555 | ||||||||
Gain on derivative instrument | 7,780 | — | 7,780 | ||||||||
Income Before Income Taxes | 344,695 | (2,035 | ) | 342,660 | |||||||
Income tax expense | (19,731 | ) | 498 | (19,233 | ) | ||||||
Net Income Attributable to the Company | 324,964 | (1,537 | ) | 323,427 | |||||||
Mandatory convertible stock dividends | (13,800 | ) | — | (13,800 | ) | ||||||
Net Income Available to the Company's Common Stockholders | $ | 311,164 | $ | (1,537 | ) | $ | 309,627 | ||||
Earnings Per Share of Common Stock | |||||||||||
Basic earnings per share | $ | 7.17 | $ | 7.13 | |||||||
Diluted earnings per share | $ | 5.81 | $ | 5.79 | |||||||
Shares used for determining basic earnings per share of common stock | 43,416,868 | 43,416,868 | |||||||||
Shares used for determining diluted earnings per share of common stock | 55,902,452 | 55,902,452 |
Historical | Matane Sale | Pro Forma Adjustments (Note 1) | Pro Forma | ||||||||||||||
Assets | |||||||||||||||||
Current Assets | |||||||||||||||||
Cash and cash equivalents | $ | 90,104 | $ | — | $ | 50,000 | (a) | $ | 140,104 | ||||||||
Accounts receivable, net | 180,014 | (17,807 | ) | — | 162,207 | ||||||||||||
Inventory | 298,902 | (14,695 | ) | — | 284,207 | ||||||||||||
Prepaid and other current assets | 90,623 | (2,991 | ) | — | 87,632 | ||||||||||||
Total current assets | 659,643 | (35,493 | ) | 50,000 | 674,150 | ||||||||||||
Property, Plant and Equipment, net | 1,370,307 | (18,003 | ) | — | 1,352,304 | ||||||||||||
Deferred Tax Assets | 420,105 | (31,486 | ) | — | 388,619 | ||||||||||||
Intangible Assets, net | 48,955 | — | — | 48,955 | |||||||||||||
Other Assets | 151,500 | (2,571 | ) | — | 148,929 | ||||||||||||
Total Assets | $ | 2,650,510 | $ | (87,553 | ) | $ | 50,000 | $ | 2,612,957 | ||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||
Current Liabilities | |||||||||||||||||
Accounts payable | $ | 182,458 | $ | (9,234 | ) | $ | — | $ | 173,224 | ||||||||
Accrued and other current liabilities | 114,686 | (3,350 | ) | — | 111,336 | ||||||||||||
Current maturities of long-term debt | 21,633 | — | — | 21,633 | |||||||||||||
Current liabilities for disposed operations | 11,483 | — | — | 11,483 | |||||||||||||
Total current liabilities | 330,260 | (12,584 | ) | — | 317,676 | ||||||||||||
Long-Term Debt | 1,215,059 | — | (99,472 | ) | (b) | 1,115,587 | |||||||||||
Long-Term Liabilities for Disposed Operations | 149,360 | — | — | 149,360 | |||||||||||||
Pension and Other Postretirement Benefits | 238,387 | (5,425 | ) | — | 232,962 | ||||||||||||
Deferred Tax Liabilities | 26,071 | — | — | 26,071 | |||||||||||||
Other Non-Current Liabilities | 24,807 | (327 | ) | — | 24,480 | ||||||||||||
Commitments and Contingencies | |||||||||||||||||
Stockholders’ Equity | |||||||||||||||||
Preferred stock | 17 | — | — | 17 | |||||||||||||
Common stock | 498 | — | — | 498 | |||||||||||||
Additional paid-in capital | 397,115 | — | — | 397,115 | |||||||||||||
Retained earnings | 411,306 | (69,217 | ) | 149,472 | (a), (b) | 491,561 | |||||||||||
Accumulated other comprehensive income (loss) | (142,370 | ) | — | — | (142,370 | ) | |||||||||||
Total Stockholders’ Equity | 666,566 | (69,217 | ) | 149,472 | 746,821 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,650,510 | $ | (87,553 | ) | $ | 50,000 | $ | 2,612,957 |
(a) | The Company's estimated net proceeds from the sale, which excludes fees, expenses, working capital adjustments and other costs related to the sale, were approximately $150 million. The Company is required use $100 million of the net proceeds to repay debt under its current loan agreements with the remaining $50 million added to cash. |
(b) | The Company is required to use $100 million of the net proceeds to repay debt under its current loan agreements. As a result of the repayment of the loan, approximately $528 thousand of deferred loan costs will be written off to interest expense. |
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end
Cover Page |
Nov. 04, 2019 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Nov. 04, 2019 |
Entity File Number | 001-36285 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 46-4559529 |
Entity Registrant Name | Rayonier Advanced Materials Inc. |
Entity Address, Address Line One | 1301 Riverplace Boulevard |
Entity Address, City or Town | Jacksonville |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 32207 |
City Area Code | 904 |
Local Phone Number | 357-4600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | RYAM |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001597672 |