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Rayonier pays down $150 million of floating-rate debt
By William Gullotti
Buffalo, N.Y., Dec. 18 – Rayonier Inc. paid down $150 million from its only floating rate debt with proceeds from timberland sales in Oregon, according to an 8-K filed with the Securities and Exchange Commission.
The $242 million asset sale, conducted on behalf of clients to Manulife Investment Management, was part of a capital structure realignment plan announced Nov. 1.
Rayonier is a Jacksonville, Fla.-based provider of cellulose materials for various applications.
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