Rayonier - Best-in-Class, Pure-Play Timber REIT
Low-Cost Debt Structure & Attractive Maturity Profile
Debt Profile
Balance @
Interest
Annual
Years to
($ in millions)
6/30/2017
Rate
Interest
% Fixed
Maturity
(1)
Senior Notes due 2022
$325.0
3.75%
$12.2
100.0%
4.8
Term Loan due 2024 (2)
350.0
3.33%
11.7
100.0%
7.1
■
(3)
Incremental Term Loan due 2026
300.0
2.82%
8.5
100.0%
8.8
Mortgage Notes due 2017
■
31.5
4.35%
1.4
100.0%
0.1
95% fixed-rate debt
Revolving Credit Facility due 2020
(4)
50.0
2.50%
1.1
3.1
NZ Shareholder Loan
(5)
11.9
ΝΑ
ΝΑ
ΝΑ
ΝΑ
Total/Weighted Avg.
$1,068.4
3.25%
$34.8
95.3%
6.5
Highlights
Average rate of 3.25%
Average maturity of 6.5
years
(1) As of 6/30/17; weighted average excludes NZ shareholder loan.
(2) Includes impact of interest rate swaps and estimated patronage payments.
(3) Assumes $200mm at 2.93% and $100 million at 2.59%; includes impact of interest rate swaps and estimated patronage payments.
(4) Interest on revolver includes unused facility fee of 0.175%.
(5) Minority share of New Zealand shareholder loan; does not represent third-party indebtedness.
($ in millions)
$400
$300
$200
$100
Maturity Profile
Highlights
Well-staggered maturity
profile
■
Nearest significant
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+
maturity in 2022
No significant stacked
maturities
Rayonier has low-cost, primarily fixed-rate debt and a well-staggered maturity profile.
Rayonier
Investor Relations | August 2017
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