Lee Thomas, CEO of the timber REIT Rayonier, said his company issued a six-year convertible bond offering at 4.25% this year to eliminate a near-term debt maturity and strengthen its balance sheet to prepare for possible acquisitions. "We're looking for good timberland," Thomas said. "We're hoping in 2010 we'll see some." The company owns 2.5 million acres in the U.S. and New Zealand.

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