Rayonier’s $930 million Financing for the Acquisition of Tembec

Shearman & Sterling advised Bank of America, N.A., as agent and lead arranger on a $930 million financing for Rayonier Advanced Materials Inc. and certain of its subsidiaries, to finance Rayonier Advanced Materials Inc.’s acquisition of Tembec Inc.—a Canadian paper, forestry and pulp products company—and to refinance the outstanding credit facilities of Rayonier Advanced Materials Inc. and its subsidiaries.

The financing consisted of $680 million of secured term loan A facilities, a $100 million secured USD revolving credit facility and a $150 million secured multicurrency revolving credit facility.

The Shearman & Sterling team included partner Michael Steinberg (Picture) (New York-Finance), counsel Ian Blumenstein (Abu Dhabi-Capital Markets) and associates Andrea Steeves (New York-Project Development & Finance) and Kelsey Avery (New York-Finance).

Involved fees earner: Michael Steinberg – Shearman & Sterling; Ian Blumenstein – Shearman & Sterling; Andrea Steeves – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Bank of America;


Author: Ambrogio Visconti