RYAM - Rayonier Advanced Materials ticks higher after holder urges company to reduce debt

Rayonier Advanced Materials (NYSE:RYAM) rose 0.9% after holder Chatham Asset Management urged the company to take action to reduce its gross debt and balance sheet risk. Chatham Asset, which owns a 6.3% stake in RYAM and is a also a larger holder of the company's debt, suggested a possible exchange offer of the 2024 Notes into new five year notes and proposed a buyback of a portion of the 2024 Notes that Chatham own, according to a letter sent to Chatham's board. "We are writing to the independent members of RYAM’s Board of Directors (the “Board”) today because we have serious concerns that management is not taking action quickly enough to proactively address the company’s upcoming debt maturities or keeping the Board fully informed of our outreach and recent suggestions to refinance the 2024 Notes,"  Chatham Asset Managing Member Anthony Melchiorre wrote in the letter. Recall December, Rayonier Advanced Materials appointed Vito J. Consiglio as

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Rayonier Advanced Materials ticks higher after holder urges company to reduce debt