Rayonier Completes Acquisition of Pope Resources - Seite 2
Based on these preliminary estimates of merger consideration elections, each holder making a Cash Election will receive $47.42 of cash and 2.439 Rayonier common shares or Opco units per Pope Resources unit, and the aggregate consideration paid by Rayonier to acquire all of the outstanding limited partnership units of Pope Resources (excluding the 114,400 units already owned by Rayonier) and the general partnership interests of Pope Resources will consist of $169.5 million of cash, 7.1 million common shares of Rayonier and 4.6 million Opco units of Rayonier L.P.
In conjunction with the closing of the transaction, Rayonier also assumed $45 million of Pope Resources’ term credit facility, which included several tranches with maturity dates ranging from 2025 to 2036 and with a weighted average interest rate of approximately 4.1% (net of estimated annual patronage payments).
Effective with the opening of the market today, Pope Resources common units discontinued trading on the Nasdaq Capital Market.
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of March 31, 2020, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S. South (1.8 million acres), U.S. Pacific Northwest (384,000 acres) and New Zealand (415,000 acres). More information is available at www.rayonier.com.
Certain statements in this press release regarding anticipated financial outcomes including relate to information or assumptions about the expected benefits of the acquisition, management’s plans, projections and objectives for future operations, scale and performance, integration plans and expected synergies therefrom, and anticipated future financial and operating performance results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “project,” “anticipate” and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements.