Displaying items by tag: Rayonier

Rayonier Inc. (NYSE:RYN) has just announced that the company has entered into three transactions with separate sellers to acquire approximately 95,100 acres of high-quality industrial timberlands located in Florida, Georgia and South Carolina for an aggregate purchase price of approximately $217 million, or $2,280 per acre (the “Acquisitions”). The Acquisitions are comprised of highly productive timberlands located in some of the strongest timber markets in the U.S. South, primarily along the I-95 coastal corridor near Savannah, GA.

Key attributes of the Acquisitions include the following:

• Strong timber markets – located in the top three U.S. South timber markets based on average composite stumpage price by region ⁽¹⁾
• Diverse customer base – very competitive wood market with multiple pulpwood, grade and export customers
• Highly productive timberlands – 78’ site index; 73% plantable; sustainable yield* of approximately 450,000 tons (or 4.7 tons per acre per year on the acquired lands)
• Well-stocked timber inventory – 4.3 million tons of merchantable timber inventory* (or 45 tons per acre); average plantation age of 14 years
• Complementary to existing Rayonier landholdings – increases Rayonier’s ownership in U.S. South Coastal Atlantic markets by approximately 15%
• Primarily fee simple ownership – 89% fee simple ownership and 11% leased lands
• Accretive to cash flow – targeting an annual increase in Adjusted EBITDA** and Cash Available for Distribution (CAD)** of approximately $13 million and $10 million, respectively, over the medium-term

Rayonier expects to finance the Acquisitions with cash on hand and the proceeds of a follow-on offering of Rayonier common shares, which the company also announced today. “The Acquisitions announced today are representative of Rayonier’s commitment to disciplined capital allocation and active portfolio management,” said David Nunes, President and CEO. “These Acquisitions are comprised of highly productive properties that meaningfully bolster Rayonier’s footprint in our strongest U.S. South markets. We expect these Acquisitions to generate a strong cash yield from timber harvest operations, which will thereby improve our overall cash flow profile, increase the percentage of our Adjusted EBITDA generated from timber segments, and enhance our ‘pure-play’ timber REIT focus,” concluded Nunes.

(1) Based on Timber Mart-South weighted average composite stumpage price by region assuming product mix of 50% pulpwood, 30% chip-n-saw and 20% sawtimber.
* References to “merchantable timber inventory” and “sustainable yield” are as defined in our most recent Annual Report on Form 10-K.
** “Adjusted EBITDA” and “Cash Available for Distribution” (or “CAD”) are non-GAAP financial measures. See “Non-GAAP Financial Measures” below. These targets are based on assumptions and are subject to significant uncertainties, many of which are outside of the company’s control. While management believes these targets and the underlying assumptions are reasonable, they are not guarantees of future performance. Actual results will vary, and those variations may be material. Please consult the Forward-Looking Statements discussion below for some of the factors that may cause variations. Nothing herein is a representation by any person that these targets will be achieved, and the company undertakes no duty to update its targets.

About Rayonier
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2016, Rayonier owned, leased or managed approximately 2.7 million acres of timberlands located in the U.S. South (1.85 million acres), U.S. Pacific Northwest (378,000 acres) and New Zealand (433,000 acres). More information is available at www.rayonier.com.

Rayonier Inc. (NYSE:RYN) has announced that the company has acquired approximately 18,000 acres of high-quality timberlands in southwest Louisiana and northwest Oregon in two separate transactions from BTG Pactual Timberland Investment Group. Both properties are located near existing Rayonier landholdings:

• The Louisiana property – known as the King parcel – consists of approximately 12,200 acres of high quality, well managed southern pine timberland located in strong timber markets. The property was purchased for $25.5 million. It contains merchantable inventory of approximately 560,000 tons, is comprised of approximately 86% plantable lands, and is expected to improve the company’s sustainable yield by approximately 45,000 tons per year. This acquisition expands Rayonier’s ownership in Louisiana to approximately 150,000 acres.
• The Oregon property – known as the Scappoose parcel – consists of approximately 5,600 acres of highly productive, well-stocked and highly-operable timberland tributary to strong domestic and export markets in the northwest corner of the state, near current company holdings in southwest Washington. The property was purchased for $34 million. It complements the age-class profile of the company’s Pacific Northwest timber holdings, contains merchantable inventory of approximately 102,000 tons (12.7 MMBF) of which an estimated 95% is high-value Douglas-fir, is comprised of approximately 88% operable lands, and is expected to improve the company’s sustainable yield by approximately 35,000 tons (4.4 MMBF) per year. This acquisition expands Rayonier’s footprint into the state of Oregon and grows Rayonier’s total Pacific Northwest ownership to approximately 374,000 acres.

The company also acquired approximately 4,600 acres located in Florida and Georgia in the second quarter of 2015 through a series of small transactions with non-industrial private landowners. Year-to-date, Rayonier has acquired 35,000 acres of high quality timberland in the U.S. South and Pacific Northwest for a total of approximately $88 million.

“We are pleased to close these two acquisitions with BTG Pactual Timberland Investment Group,” said David Nunes, Rayonier President and CEO. “The properties have been well-managed and are high-quality assets located in strong timber markets. These transactions reflect our disciplined growth strategy to focus on select acquisitions that upgrade our land portfolio, grow our sustainable harvest and generate accretion to our cash available for distribution per share.”

About Rayonier

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. Rayonier owns, leases or manages approximately 2.7 million acres of timberlands located in the U.S. South, U.S. Pacific Northwest and New Zealand. More information is available at www.rayonier.com.

Source: Rayonier Inc.

Borregaard and Rayonier Advanced Materials (RYAM) have entered into a non-binding letter of intent regarding the establishment of a new lignin operation adjacent to RYAM’s Fernandina Beach pulp mill in Florida. The new company will be owned 55% by Borregaard and 45% by RYAM.

The Fernandina Beach mill manufactures specialty cellulose and lignin raw material as co-products from softwood. Utilising Borregaard’s know-how and technical expertise, the new company will initially manufacture lignin products suitable for concrete admixture and similar applications targeting primarily the North and South American markets.The products will be marketed through Borregaard’s international sales network and will represent a 30% increase in the lignin sales volume at full capacity.

It is anticipated that the project will be completed in two phases over 5 years. The parties estimate an aggregate USD 110 million for a capacity of 150,000 metric tonnes dry substance per year. The first phase is expected to commence commercial operations in 2017.

The new operation will benefit from the development work in the BALI project, and takes priority over a first BALI plant. Longer term, the BALI technology remains a strategic lignin raw material option for Borregaard.

Completion of the new operation is subject to board approval by both companies and conclusion of definitive agreements, as well as final engineering, refinement of capital estimates, and obtaining required permits and other approvals.

“The Fernandina Beach project represents an excellent growth opportunity for our lignin business in a global market which for some time has been supply constrained”, says Per A. Sørlie, President and CEO of Borregaard.

“Pursuing this opportunity with the leader in lignin-based chemistry significantly enhances the prospects for success while reducing operational and market-based risk,” says RYAM CEO Paul Boynton.

Borregaard operates the world's most advanced biorefinery. By using natural, sustainable raw materials, Borregaard produces advanced and environmentally friendly biochemicals, biomaterials and bioethanol that replace oil-based products. The Borregaard Group has 1080 employees in 16 countries and a turnover in 2014 of approx. NOK 4 billion (USD 500 million) to close to 100 countries worldwide. The lignin business constitutes close to 50% of the Group’s turnover with plants in 7 countries.

Rayonier Advanced Materials (RYAM) is the leading global supplier of high-purity, cellulose specialties natural polymers for the chemical industry.  The Company has more than 1200 full time employees and reported USD $958 million in revenue in 2014.  Rayonier Advanced Materials is consistently ranked among the United States' top 50 exporters and delivers products to 79 ports around the world, serving customers in 20 countries across five continents.

Rayonier has announced that it has reached agreement to sell all of the assets of its Wood Products business to International Forest Products Limited (Interfor) for $80 million. The sale, expected to close in the first quarter, will result in an after-tax gain of approximately $40 million.

Rayonier's Wood Products business, headquartered in Baxley, Ga., consists of three lumber mills located in Baxley, Swainsboro andEatonton, Ga. As part of the transaction, Interfor has agreed to hire all 260 current Wood Products employees. The three mills contributed approximately $10 million in operating income to Rayonier in 2012.

“This sale represents another key move in our strategy to fully position our manufacturing operations in the specialty chemicals sector,” said Paul Boynton, Rayonier chairman, president and CEO. “At the same time, the conversion of our commodity fluff pulp business to cellulose specialties remains on track for mid-2013 startup.

“We are delighted with this opportunity to transition our Wood Products operations to a world-class company focused on lumber and wood products manufacturing,” continued Boynton. “Rayonier has enjoyed a long association with Interfor, supplying their lumber business in the Pacific Northwest for many years, and we look forward to expanding that relationship into the Southeast.”

Interfor, based in Vancouver, B.C., Canada, is a leading producer of lumber and wood products, primarily in the Northwest U.S. andCanada. This will be its first acquisition of manufacturing assets in the Southeast U.S.

Source: Rayonier

Rayonier has announced it has acquired approximately 62,600 acres of timberlands in East Texas. The property, purchased from a private ownership group for $88 million, or $1,406 per acre, brings the company’s total ownership in Texas to over 150,000 acres.

“These timberlands, located in one of the most competitive wood baskets in the Gulf States, significantly increase Rayonier’s landholdings in Texas and enable us to better support our existing paper, pulp and solid wood customers,” said Paul G. Boynton, chairman, president and chief executive officer. “With the majority of this property located within 60 miles of the Houstonmetropolitan area, it also provides tremendous value creation potential for our higher-and-better-use land sales program.”

The timberlands are located principally in Liberty, Polk and Trinity counties. Rayonier owns, leases or manages approximately 2.7 million acres in 10 states in the U.S. and New Zealand.

Source: Rayonier

The Development Authority of Bryan County, in partnership with TerraPointe, the real estate subsidiary of Rayonier, held a groundbreaking ceremony for the Belfast Commerce Centre. Lieutenant Governor Casey Cagle and other state and local dignitaries were present to commemorate the event.

The 1,100-acre industrial park, the largest rail-served site in the Savannah market, is approved for 10.5 million square feet of industrial, manufacturing, warehousing, distribution, office and commercial property.

“With the potential to create more than 7,500 new jobs, Belfast Commerce Centre is an exciting economic development opportunity for the State of Georgia,” said Lieutenant Governor Cagle, “We must continue to work together to encourage business growth, attract capital investment, and create high-wage jobs for Georgians.”

Belfast Commerce Centre has two miles of I-95 frontage, 1.5 miles of frontage on theRiceboro/Southern Railroad Line, and direct access – 16 miles – to the Port of Savannah. It is an attractive location for major manufacturers and other companies that can benefit from the site’s location and transportation advantages. Further strengthening the site’s marketability, theFederal Highway Administration recently approved a proposed interchange at Belfast Keller Road that would provide direct access to I-95.

“Today, Belfast Commerce Centre, Bryan County’s first rail-served industrial park, is open for business and is ripe for significant industrial growth,” stated F.J. “Josh” Fenn, executive director of the Development Authority of Bryan County. “This will be an outstanding compliment to our successful Interstate Centre. Bryan County can now offer industrial sites on both I-16 and I-95, one of very few counties in the country that can offer industrial parks on two different interstates.”

As Georgia’s first recipient of a CSX Select Site designation, Belfast Commerce Centre has been certified as development-ready. This designation ensures the site has met a set of rigorous criteria and is ready for rapid development, reducing risk for companies seeking to expand or locate their operations there.

“Future industrial and commercial development in Bryan County will broaden and diversify our tax base, reducing our reliance on residential ad valorem taxes to fund local government services,” said Harold Fowler, Mayor of the City of Richmond Hill.

“We are grateful for the strong support from federal, state and local partners who have helped us reach this milestone on this important economic development project,” said Paul Boynton, chairman, president, and CEO of Rayonier, “I would like to especially thank our local partners in Bryan County and the City of Richmond Hill for their unyielding commitment to leverage the unique assets here at Belfast Commerce Centre.”

Source: Rayonier

Rayonier has announced that its board of directors voted to increase the company’s regular quarterly cash dividend by $.04 per common share, or 10 percent, from $.40 per share to $.44, effective for the third quarter distribution.

The third quarter dividend is payable Sept. 28, 2012, to shareholders of record on Sept. 14, 2012. This is the company’s eighth dividend increase in the last ten years.

“Providing a secure and growing dividend to Rayonier shareholders remains a key strategic objective,” said Paul G. Boynton, Chairman, President and CEO. “This increase reflects our strong financial position and the continuing confidence we have in our businesses’ ability to generate increasing cash flows.”

Rayonier’s dividend is expected to be characterized as long-term capital gain and taxed at a maximum rate of 15 percent for most U.S. taxpayers.

Rayonier will announce second quarter earnings on July 26. The company will host a conference call and live webcast with the investment community at 2 p.m. EDT the same day to discuss the results. Investors may listen to the conference call by dialing 888-790-3052, passcode: Rayonier, or by logging onto http://www.rayonier.com.

Source: Rayonier

Rayonier Inc. plans to release its first quarter 2012 earnings on Tuesday, April 24, 2012, before the market opens.

Rayonier will host a conference call and live webcast at 2 p.m. EDT the same day to discuss these results. Supplemental materials and access to the live webcast will be available at www.rayonier.com. A replay of this webcast will be archived on the company’s website shortly after the call.

Investors may listen to the conference call by dialing 888-790-3052, passcode: Rayonier. It is suggested that you call 10-15 minutes prior to the start of the teleconference. A replay of the teleconference will be available one hour after the call ends until 11 p.m. EDT onTuesday, May 1. The replay number is 866-417-5768, passcode: 5631.

Source: Rayonier Inc.

Rayonier has announced that it has priced an underwritten public offering of $325 million aggregate principal amount of senior notes due 2022. The notes will have a coupon of 3.75% per year and mature on April 1, 2022. The Company will pay interest on the notes semi-annually on April 1 and October 1 of each year, beginning on October 1, 2012.

Rayonier intends to use the net proceeds from the offering primarily to repay borrowings outstanding under its revolving credit facility and for general corporate purposes. The senior notes offering is expected to close on March 5, 2012.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Credit Suisse Securities (USA) LLC are the joint book-running managers of the offering.

This offering is being made pursuant to an effective shelf registration statement. This offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, New York, NY, 10080, Attention: Prospectus Department or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it., J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY, 10179, Attention: High Grade Syndicate Desk, 3rd Floor or by calling collect at 212-834-4533, or Credit Suisse Securities (USA) LLC, 1 Madison Avenue, New York, NY, 10010, Attention: Prospectus Department or by calling toll-free at 1-800-221-1037. An electronic copy of the prospectus supplement and the accompanying prospectus is available from the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Source: Rayonier

Rayonier has announced that Paul Boynton, president and CEO, will present at the Raymond James 33^rd Annual Institutional Investors Conference in Orlando on Wednesday, March 7, 2012, at 8:05 a.m. EST.

A live audio webcast of the presentation will be accessible at Rayonier’s website by clicking on http://www.rayonier.com and following the directions. Listeners should go to the link at least 15 minutes prior to the start of the presentation to download and install any necessary audio software.

A replay will be available on Rayonier’s website within 24 hours after the webcast.

Source: Rayonier