Important Business Announcement from Boise Paper

Rayonier Advanced Materials Inc. announced that, in working with its lenders under its Senior Secured Credit Agreement, it has entered into an amendment under which, among other changes, the lenders have agreed to relax the financial covenants through 2022. In addition, the Amendment provides additional liquidity to the Company by reducing the minimum availability the Company is required to maintain under its revolving credit facility. The Amendment added a 1 percent LIBOR floor and lenders were paid a customary fee as consideration for their consent to the Amendment. “In light of the COVID-19 pandemic, it was prudent to obtain additional financial flexibility to ensure continued compliance with our covenants,” said Paul G. Boynton, President and Chief Executive Officer. “We believe we now have the runway to manage the business through these challenging conditions, enabling us to continue to service our customers and emerge a stronger and more profitable organization.”

Italian tissue manufacturer EuroVast fired up a new Modulo-Plus tissue machine supplied by Toscotec at its Cartiera della Basilica paper mill in Villa Basilica, Lucca, Italy. PM5 is running efficiently at the speed of 1,600 m/min and since its start-up in February, it has exceeded the project’s production targets with excellent results in energy consumption. The new line completely replaced the mill’s existing PM5, a suction breast roll machine. The sheet width is 2,770 mm and the production capacity is over 30,000 tpy. It is equipped with a single press TT BlindDrilledPressRoll, a TT SYD and gas-fired TT Hoods. PM5 produces toilet tissue, kitchen towels and napkins from 100% pre-dried virgin pulp. EuroVast also purchased a complete service package including dismantling operations, erection, training, commissioning, and start-up assistance.

WestRock announced that it has been named to the Dow Jones Sustainability North America Index (DJSI North America) and Dow Jones Sustainability World Index (DJSI World) for 2020, in recognition of its commitment to sustainable business practices. The Index is a widely recognized standard for measuring and advancing corporate environmental, social, and governance (ESG) practices across all industries. DJSI North America recognizes the top 20 percent of sustainability performers among the 600 largest U.S. and Canadian companies. DJSI World tracks the performance of the top 10 percent of the 2,500 largest companies in the S&P Global Broad Market IndexSM that lead the field in terms of sustainability.