Rayonier Completes Acquisition of 250,000 Acres
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Rayonier, Jacksonville, Fla., USA, this week completed its acquisition of approximately 250,000 acres of timberlands from Joshua Timberlands LLC and Oklahoma Timber, LLC for $330 million. The acquisition was funded using cash, Rayonier's revolving credit facility, and the assumption of existing debt of the sellers.
"The acquisition of these quality timberlands aligns with our strategy to grow and diversify Rayonier's timberland ownership," said Lee M. Thomas, chairman and CEO.
The timberlands are located primarily in Mississippi, Louisiana, Oklahoma, and Alabama. With the completion of the acquisition, Rayonier now owns, leases, or manages some 2.7 million acres in 10 U.S. states and New Zealand.
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