Toronto, August 07, 2015 -- Moody's Investors Service says Rayonier Inc.'s (Baa2 stable) plans to repay the debt at its New Zealand joint venture and refinance a significant portion of its own debt with $550 million of new credit facilities will boost Rayonier's ownership in a New Zealand asset that diversifies its operations, while interest costs will be lowered, and the company's capital structure will be simplified. Adjusted leverage will be essentially unchanged at just under 4x.
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