DEBT (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Rayonier’s debt consisted of the following at September 30, 2017:

	September 30, 2017
Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.9% at September 30, 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 3.1% at September 30, 2017 (b)	300,000
Revolving Credit Facility borrowings due 2020 at an average variable interest rate of 2.5% at September 30, 2017	50,000
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	8,406
Total debt	1,033,406
Less: Deferred financing costs	(3,137		)
Long-term debt, net of deferred financing costs		$1,030,269

(a) As of September 30, 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 September 30, 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	—
2018	—
2019	—
2020	50,000
2021	—
Thereafter	983,406
Total Debt		$1,033,406