S&P assigns Rayonier notes BBB-

S&P said it assigned its BBB- issue-level rating to Rayonier Inc.'s proposed $400 million of 10-year senior unsecured notes that will be issued by Rayonier LP. The notes’ rating is the same as Rayonier’s issuer rating.

Rayonier intends to use the proceeds to repay the $250 million outstanding under its 2020 incremental term loan facility and the remainder for general corporate purposes, which may include the repayment of its $325 million senior notes due 2022 at or before maturity.

“We therefore view the proposed transaction as largely leverage- and credit-neutral,” S&P said in a press release.

The outlook is stable.

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