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S&P gives Rayonier notes BBB
Standard & Poor's said it assigned its BBB senior unsecured debt rating to the proposed $150 million senior exchangeable notes due 2015 of Rayonier TRS Holdings Inc., a wholly owned subsidiary of Rayonier Inc. (BBB/stable).
The notes will be fully and unconditionally guaranteed by Rayonier and exchangeable for Rayonier's common stock under certain circumstances, the agency said, adding that the rating is based on preliminary terms and conditions.
The company will use proceeds from the notes offering primarily to reduce debt, S&P said.
"The corporate credit rating on Rayonier reflects the Jacksonville, Fla.-based company's diverse portfolio of value-added products, good geographic diversity, valuable timberland holdings, solid free cash flow levels, and management's commitment to maintaining a moderate financial policy," said S&P credit analyst Pamela Rice.
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