Rayonier to buy timberlands for $215 mln

NEW YORK, March 12 Wed Mar 12, 2008 4:10pm EDT

NEW YORK, March 12 (Reuters) - Timber and real estate company Rayonier (RYN.N) said on Wednesday it has agreed to purchase a large tract of timberlands from Sierra Pacific Industries for $215 million.

The 56,300 acres of land are located in Southwestern Washington and the deal will increase Rayonier's Washington holdings to more than 426,000 acres.

Funding for this purchase will be provided through a combination of cash on hand and borrowings from its existing revolving credit facility, the company said in a statement. (Reporting by Euan Rocha)

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