Rayonier pays down $150 million of floating-rate debt

By William Gullotti

Buffalo, N.Y., Dec. 18 – Rayonier Inc. paid down $150 million from its only floating rate debt with proceeds from timberland sales in Oregon, according to an 8-K filed with the Securities and Exchange Commission.

The $242 million asset sale, conducted on behalf of clients to Manulife Investment Management, was part of a capital structure realignment plan announced Nov. 1.

Rayonier is a Jacksonville, Fla.-based provider of cellulose materials for various applications.

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