DEBT (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Rayonier’s debt consisted of the following at March 31, 2017:

	March 31, 2017
Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.5% at March 31, 2017 (a)		$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.7% at March 31, 2017 (b)	300,000
Mortgage Notes due 2017 at fixed interest rates of 4.35%	31,601
Revolving Credit Facility borrowings due 2020 at an average variable interest rate of 2.2% at March 31, 2017	40,000
New Zealand JV Working Capital Facility due 2017 at an average variable interest rate of 2.6% at March 31, 2017	11,325
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	16,486
Total debt	1,074,412
Less: Current maturities of long-term debt	(42,926		)
Less: Deferred financing costs	(3,418		)
Long-term debt, net of deferred financing costs		$1,028,068

(a) As of March 31, 2017, the periodic interest rate on the term loan facility was LIBOR plus 1.625%. The Company estimates the effective fixed interest rate on the term loan facility to be approximately 3.3% after consideration of interest rate swaps and estimated patronage refunds.

(b) As of March 31, 2017, the periodic interest rate on the incremental term loan was LIBOR plus 1.900%. The Company estimates the effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and estimated patronage refunds.

Schedule of Maturities of Long-Term Debt

Principal payments due during the next five years and thereafter are as follows:

2017 (a)	42,825
2018	—
2019	—
2020	40,000
2021	—
Thereafter	991,486
Total Debt		$1,074,311

(a) The mortgage notes due in 2017 were recorded at a premium of $0.1 million as of March 31, 2017. Upon maturity the liability will be $31.5 million.