Rayonier Inc. completes sale of its 77% interest in the New Zealand joint venture to The Rohatyn Group for $710 million, generating net proceeds of $699 million for the company, according to Rayonier Inc. Rayonier plans to allocate at least half of the net proceeds to reduce leverage and return capital to shareholders through a special dividend of $1.00–$1.40 per share and additional share repurchases, earmarking the remainder for opportunistic capital allocation. During the second quarter, the company repurchased approximately 1.5 million shares for a total of about $35 million and retains $262 million ...