Roseburg Forest Products is marketing a $295 million securitization called Oxbow Resources Timberland Notes 2011-1.
The two-tranche transaction is backed by more than 283,000 acres of timberlands in Oregon and California and 41 million board feet of timber deeds, according to a Standard & Poor's presale report. It will receive the cash flow based on the harvesting and sale of timber from the lands.
Barclays Capital is lead manager on the deal. S&P rated the deal's $75 million, class A1 notes 'A+ (sf)' and the $220 million class A2 tranche 'A+ (sf)'. The A2 tranche has a weighted average life of 8.09 years. The deal is expected to close on March 31.
The trustee on the deal is U.S. Bank and the field servicer/collateral agent is American AgCredit.