Sep 16, 2011. /Lesprom Network/. Rayonier has signed an agreement to acquire approximately 250,000 acres of timberlands from Joshua Timberlands LLC and Oklahoma Timber, LLC for $330 million. The acquisition, which is expected to close in the 4Q 2011 will initially be funded using cash, Rayonier’s revolving credit facility and the assumption of existing debt of the sellers, as the company said in a press release received by Lesprom Network. “The quality and location of these timberlands make them an excellent strategic fit for Rayonier,” said Lee M. Thomas, chairman and CEO. “This transaction is a major step forward in our strategy to grow and diversify Rayonier’s timberland ownership while allowing for further expansion of our rural land sales program.” The timberlands are located in Mississippi, Louisiana, Oklahoma and Alabama. Upon completion of the acquisition, Rayonier will own, lease or manage approximately 2.7 million acres in ten states in the U.S., and New Zealand. Rayonier is a leading international forest products company with three core businesses: Forest Resources, Real Estate and Performance Fibers. The company owns, leases or manages 2.5 million acres of timber and land in the United States and New Zealand.