ICLTF - Rayonier Advanced Materials sells shares in GreenFirst Forest Products for $43.3M

Rayonier Advanced Materials (NYSE:RYAM) said Monday it sold ~28.7M shares of GreenFirst Forest Products (OTCPK:ICLTF) to Interfor's subsidiary for ~$43.3M. The deal contains a purchase price protection clause, whereby RYAM is entitled to participate in further stock price appreciation under certain circumstances and for a specified period. RYAM expects to use cash proceeds from the deal to repay debt or assist with a holistic refinancing of its capital structure, including its senior notes due on Jun. 1, 2024. RYAM in Mar. adopted a short-term shareholder rights plan and declared a dividend distribution to block a proposal from activist shareholder Chatham Asset Management.

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Rayonier Advanced Materials sells shares in GreenFirst Forest Products for $43.3M