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Jacksonville, Florida, USA, 29 February 2012 -- (BUSINESS WIRE) -- Rayonier (NYSE:RYN) announced today that it has priced an underwritten public offering of USD 325 million aggregate principal amount of senior notes due 2022. The notes will have a coupon of 3.75% per year and mature on 01 April 2022. The company will pay interest on the notes semiannually on 01 April and 01 October of each year, beginning 01 October 2012.

Rayonier intends to use the net proceeds from the offering primarily to repay borrowings outstanding under its revolving credit facility and for general corporate purposes. The senior notes offering is expected to close on 05 March 2012.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Credit Suisse Securities (USA) LLC are the joint book-running managers of the offering.

This offering is being made pursuant to an effective shelf registration statement. This offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, New York, NY, 10080, Attention: Prospectus Department or e-mail dg.prospectus_requests@baml.com, J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY, 10179, Attention: High Grade Syndicate Desk, 3rd Floor or by calling collect at 212-834-4533, or Credit Suisse Securities (USA) LLC, 1 Madison Avenue, New York, NY, 10010, Attention: Prospectus Department or by calling toll-free at 1-800-221-1037. An electronic copy of the prospectus supplement and the accompanying prospectus is available from the Securities and Exchange Commission’s Web site at http://www.sec.gov.

Rayonier Inc. is a leading international forest products company with three core businesses: Forest Resources, Real Estate, and Performance Fibers. The company owns, leases, or manages 2.7 million acres of timber and land in the United States and New Zealand. The company's holdings include approximately 200,000 acres with residential and commercial development potential along the Interstate 95 corridor between Savannah, Georgia, and Daytona Beach, Florida. Its Performance Fibers business is one of the world's leading producers of high-value specialty cellulose fibers, which are used in products such as filters, pharmaceuticals, and LCD screens. Approximately 45% of the company's sales are outside the United States to customers in approximately 40 countries. Rayonier is structured as a real estate investment trust. More information is available at www.rayonier.com.


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