Investor Presentation
Prudent Capital Structure & Financial Policy
Credit Highlights & Ratio Targets
Current Credit Ratings
■ S&P:
BBB- / Stable
■
Moody's:
Baa3 / Stable
Capitalization & Maturity Profile
($ and shares in millions)
Total Debt
(-) Cash
Net Debt
Pro Forma(1)
$1,352.0
3/31/20
$1,057.0
(132.4)
(132.4)
$924.6
$1,219.6
Credit / Valuation Data
Credit Highlights
2019 Adjusted EBITDA*
$247.8
NA
■
Strong Adj. EBITDA* margins
Shares/Opco Units Outstanding
129.2
■
High EBITDA-to-FCF conversion
Significant asset coverage
Enterprise Value(2)
$3,966.8
140.9
$4,537.3
Credit Statistics
■
3.2% weighted avg. cost of debt / 94% fixed
Net Debt/ Adjusted EBITDA*
3.7x
Net Debt / Enterprise Value (1)
23.3%
NA
26.9%
$500
Credit Ratio Targets
$400
Committed to maintaining an investment grade
credit profile
$300
■
Target credit metrics include:
$200
-
Net Debt / Adj. EBITDA*:
~4.5x
$100
Net Debt/ Asset Value:
< 30%
2020 2021 2022 2023 2024 2025 2026 2027 2028+
Rayonier has a strong, investment grade credit profile with significant asset coverage.
(1)
(2)
Rayonier
(3)
Pro forma for new $250 million incremental term loan and assumption of $45 million of Pope debt; excludes impact of other cash changes.
Enterprise Value based on market capitalization (including Opco units) plus net debt based on RYN share price of $23.55 as of 3/31/2020.
* Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation | May 2020View entire presentation