Rayonier Advanced Materials Announces Accelerated Share Repurchases
08 November 2018 - 11:39PM
Business Wire
Rayonier Advanced Materials Inc. (NYSE: RYAM) (the
“Company”) announced today that it has entered into an accelerated
share repurchase (“ASR”) agreement with JPMorgan Chase Bank,
National Association (“JPMorgan”), to repurchase an aggregate of
$25 million of the Company’s common stock. The ASR is being
implemented under the Company’s share repurchase authorization of
up to $100 million, which was announced in February of 2018.
“This ASR is consistent with our disciplined and balanced
capital allocation strategy for our significant free cash flow,”
said Paul G. Boynton, Chairman, President and Chief Executive
Officer. “Upon completion of the ASR, we will have repurchased a
total of $40 million of the $100 million repurchase authorization
provided by our Board.”
Approximately 1.5 million shares of the Company’s common stock
to be repurchased under the transaction will be received by the
Company on November 13, 2018. The final number of shares to be
repurchased will be based on the average of the daily
volume-weighted average prices of the Company’s common stock during
the term of the transaction, less a discount and subject to
adjustments pursuant to the terms of the ASR agreement, and is
expected to be completed prior to or during the first quarter of
2019. At settlement, under certain circumstances, JPMorgan may be
required to deliver additional shares of common stock to the
Company, or, under certain circumstances, the Company may be
required to deliver shares of its common stock or may elect to make
a cash payment to JPMorgan.
The ASR agreement contains customary terms for these types of
transactions, including the mechanisms to determine the number of
shares or the amount of cash that will be delivered at settlement,
the required timing of delivery upon settlement, the specific
circumstances under which adjustments may be made to the
transactions, the specific circumstances under which the
transactions may be cancelled prior to the scheduled maturity and
various acknowledgements, representations and warranties made by
the Company and JPMorgan to one another.
About Rayonier Advanced Materials
Rayonier Advanced Materials is a global leader of
cellulose-based technologies, including high purity cellulose
specialties, a natural polymer commonly found in cell phones,
computer screens, filters and pharmaceuticals. The Company also
manufactures products for lumber, paper and packaging markets. With
manufacturing operations in the U.S., Canada and France, Rayonier
Advanced Materials employs approximately 4,200 people and generates
approximately US$2 billion of pro forma revenues. More information
is available at www.rayonieram.com.
Forward-Looking Statements
Certain statements in this document regarding anticipated
financial, business, legal or other outcomes including business and
market conditions, outlook and other similar statements relating
to Rayonier Advanced Materials’ future or expected
events, developments or financial or operational performance or
results, are "forward-looking statements" made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 and other federal securities laws. These forward-looking
statements are identified by the use of words such as "may,"
"will," "should," "expect," "estimate," "believe," "intend,"
"anticipate" and other similar language. However, the absence of
these or similar words or expressions does not mean that a
statement is not forward-looking. While we believe these
forward-looking statements are reasonable when made,
forward-looking statements are not guarantees of future performance
or events and undue reliance should not be placed on these
statements. Although we believe the expectations reflected in any
forward-looking statements are based on reasonable assumptions, we
can give no assurance these expectations will be attained and it is
possible that actual results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks and uncertainties.
Other important factors that could cause actual results or
events to differ materially from those expressed in forward-looking
statements that may have been made in this document are described
or will be described in our filings with the U.S. Securities
and Exchange Commission, including our Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q. Rayonier Advanced
Materials assumes no obligation to update these statements except
as is required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20181108006055/en/
Rayonier Advanced Materials Inc.Media: Ryan Houck,
904-357-9134Investors: Mickey Walsh, 904-357-9162
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