Investor Presentation
12/31/2019
$1,057.0
(68.7)
$988.3
Prudent Capital Structure & Financial Policy
Credit Highlights & Ratio Targets
Current Credit Ratings
■ S&P:
BBB-Stable
■
Moody's:
Baa3 / Stable
Credit Highlights
■
Strong Adj. EBITDA* margins
■
High EBITDA-to-FCF conversion
Significant asset coverage
Capitalization & Maturity Profile
($ in millions)
Total Debt
(-) Cash (1)
Net Debt
Credit Data
2019 Adjusted EBITDA*
2019 Interest Expense
Credit Statistics
Net Debt/ Adjusted EBITDA*
$247.8
$31.7
4.0x
■
3.3% weighted avg. cost of debt / 92% fixed
Adj. EBITDA* / Interest Expense
7.8x
Net Debt/ Enterprise Value (2)
19%
$400
Credit Ratio Targets
Committed to maintaining an investment grade
credit profile
$300
$200
■
Target credit metrics include:
-
Net Debt / Adj. EBITDA*:
~4.5x
$100
Net Debt / Asset Value:
< 30%
2020
2021
2022 2023
2024 2025
2026
Rayonier has a strong, investment grade credit profile with significant asset coverage.
(1)
Excludes $0.8 million of restricted cash held by LKE intermediaries as of 12/31/19.
Enterprise value based on market capitalization plus net debt as of 12/31/19.
(2)
Rayonier * Non-GAAP measure or pro forma item (see Appendix for definitions and RYN reconciliations).
Investor Presentation | March 2020
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