CatchMark To Buy Prime U.S. South Timberlands For $106 Mln In 2 Separate Deals

(RTTNews) - CatchMark Timber Trust, Inc. (CTT) said Monday that it has agreed to buy a total of 55,671 acres of prime timberlands in two separate deals totaling $106 million.

The properties are located mainly in Middle and South Georgia as well as North Florida. If completed, the acquisitions are expected to add 2.5 million tons of timber to CatchMark's merchantable inventory, comprising 72% pine plantations by acreage and 48% sawtimber by tons, and are expected to increase the company's annual harvest volumes over the next decade by 230,000 to 250,000 tons.

The two deals, known as Oglethorpe and Satilla River, are expected to close during the third quarter.

The deals will be financed through a combination of CatchMark's credit facility and cash on hand.