Rayonier amends, expanding revolver and extending maturities

By Sara Rosenberg

New York, April 2 – Rayonier Inc. amended its credit agreement on Wednesday, increasing the revolver to $250 million from $200 million and extending the maturity to April 1, 2025 from Aug. 5, 2020, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Also, the company extended the maturity date of its initial term loan to April 1, 2028 from Aug. 5, 2024.

Additionally, the amendment increased pricing on the revolver by 25 basis points, decreased pricing for every level of the pricing grid other than the lowest leverage level for the initial term loan by 2.5 bps, increased the leverage ratio breakpoint between the second and third pricing levels to 52.5% from 50%, and permits transactions related to the acquisition of Pope Resources.

CoBank is the administrative agent.

Rayonier is a Wildlight, Fla.-based timberland real estate investment trust.

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