CatchMark to draw on multi-draw term loan for purchase of timberlands

By Wendy Van Sickle

Columbus, Ohio, May 5 – CatchMark Timber Trust, Inc. plans to draw on its multi-draw term loan to fund its $101.8 million acquisition of 51,700 acres of prime timberlands in South Carolina from funds managed by Forest Investment Associates, according to a press release.

The company said the acquisition of timberlands will expand its recent entry into North Carolina and South Carolina to 69,300 acres from 17,600 and will increase the company’s total acreage in the South to 480,400 acres.

Closing is expected by the end of the second quarter or early third quarter 2016.

Based in Atlanta, CatchMark is a real estate investment trust that owns interests in timberland located in Alabama, Florida, Georgia, Louisiana and Texas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.