Rayonier completes previously announced disposition of oregon properties

Wildlight, fla.--(business wire)--rayonier inc. (nyse:ryn) today announced the completion of its previously announced disposition of 55,000 acres of timberland in oregon to manulife investment management on behalf of clients for $242 million (~$4,400 per acre), subject to customary prorations and closing costs. the company has used $150 million of the proceeds to pay down its only floating rate debt and plans to use approximately $30 million for a special dividend to be paid in january 2024 (as.
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