George Staphos

Ketan Mamtora

Mark Weintraub

Anthony Pettinari

Matthew McKellar

Kurt Yinger

Niccolo Piccini

Buck Horne

Gregory Andreopoulos

Matt McKellar

Michael Roxland

- Rayonier and PotlatchDeltic have entered into a definitive **all-stock merger of equals** agreement, with PotlatchDeltic shareholders receiving **1.7339 shares in Rayonier** for each PotlatchDeltic share, representing an **8.25% premium** to PotlatchDeltic based on closing stock prices as of October 10.  **[0001338749_2181036_0]** 
- The combined company will own nearly **4.2 million acres of timberlands** across 11 states and have **1.2 billion board feet of lumber capacity**.  **[0001338749_2181036_0]**  Pro forma ownership will be approximately **54% for Rayonier shareholders** and **46% for PotlatchDeltic shareholders**.  **[0001338749_2181036_0]** 
- The merger is expected to generate **$40 million in annual synergies**, primarily from corporate and operational cost optimization, with half anticipated by the end of year one and the remainder by year two.  **[0001338749_2181036_1]**  The transaction is anticipated to close in **late first quarter or early second quarter of 2026**, subject to regulatory and shareholder approvals.  **[0001338749_2181036_0]** 
- The combined company will be headquartered in **Atlanta, Georgia**.  **[0001338749_2181036_1]**  Eric Cremers will serve as Executive Chair, Mark McHugh as President and CEO, and Wayne Wasechek as CFO.  **[0001338749_2181036_1]**  The board will be comprised of **five existing directors from Rayonier** and **five existing directors from PotlatchDeltic**.  **[0001338749_2181036_1]** 
- The combined company plans to maintain Rayonier's current quarterly dividend level, adjusted to reflect the increased number of common shares.  **[0001338749_2181036_6]**  Additionally, Rayonier shareholders will receive a **$1.40 per share special dividend** in December, paid in cash and shares, to meet REIT taxable income distribution requirements.  **[0001338749_2181036_6]**

Rayonier and PotlatchDeltic Announce All-Stock Merger of Equals

- Rayonier and PotlatchDeltic are combining in an **all-stock merger of equals**, announced on **October 14, 2025**.  **[0001338749_2180457:0]** 
- PotlatchDeltic shareholders will receive **1.7339 shares in Rayonier** for each PotlatchDeltic share, representing an **8.25% premium** based on closing stock prices as of October 10, 2025.  **[0001338749_2180457:11]** 
- The merger is anticipated to generate **$40 million of estimated annual run-rate synergies**, primarily from corporate and operating overhead cost savings, and is expected to be **accretive to per share metrics**.  **[0001338749_2180457:10]** **[0001338749_2180457:11]** 
- The combined company will have a market capitalization of approximately **$7.1 billion** and own about **4.2 million acres of timberlands**, making it the **second largest publicly-traded timber/wood products company**.  **[0001338749_2180457:10]** **[0001338749_2180457:28]** **[0001338749_2180457:33]**

Rayonier and PotlatchDeltic Announce Merger of Equals

- PotlatchDeltic Corporation entered into a Twelfth Amendment to its Second Amended and Restated Term Loan Agreement on **August 27, 2025**, establishing a new **Term Loan X**.  **[1338749_0001338749-25-000010_pch-ex10_1.htm:0]** **[1338749_0001338749-25-000010_pch-20250827.htm:1]** 
- The new Term Loan X has a total principal amount of **$127,500,000**.  **[1338749_0001338749-25-000010_pch-ex10_1.htm:0]** **[1338749_0001338749-25-000010_pch-20250827.htm:1]** 
- An initial **$100,000,000** of Term Loan X was funded on **August 27, 2025**, as a Daily Simple SOFR Loan, maturing on **August 27, 2035**, with an interest rate of Daily Simple SOFR plus **2.30% per annum**.  **[1338749_0001338749-25-000010_pch-20250827.htm:1]** 
- The proceeds from this initial funding were used to **refinance Term Loan J** in the principal amount of **$100,000,000**.  **[1338749_0001338749-25-000010_pch-20250827.htm:1]**

PotlatchDeltic Amends Term Loan Agreement and Secures New Loan

POTLATCHDELTIC (PCH)