PotlatchDeltic Corporation announced the successful completion of the previously announced merger of CatchMark Timber Trust, Inc. with PotlatchDeltic in an all-stock transaction, creating a leading integrated timber REIT. All closing conditions have been met.
The combination brings together two high quality timberland REITs resulting in PotlatchDeltic owning nearly 2.2 million acres of diversified timberlands, including 626,000 acres in Idaho and over 1.5 million acres in strengthening markets in the U.S. South. PotlatchDeltic also remains the timber REIT with the most leverage to lumber prices, including 1.1 billion board feet of lumber capacity. The transaction also combines two successful and complementary real estate businesses.
PotlatchDeltic also announced that James DeCosmo, who served on CatchMark’s Board since 2020, became a PotlatchDeltic director effective with the merger close. PotlatchDeltic’s Board now consists of 10 directors.
In conjunction with the merger, PotlatchDeltic refinanced $277.5 million of CatchMark’s debt and repaid another $22.5 million of such debt.
PotlatchDeltic is a leading Real Estate Investment Trust (REIT) that owns nearly 2.2 million acres of timberlands in Alabama, Arkansas, Idaho, Georgia, Louisiana, Mississippi and South Carolina.
