Rayonier announces pricing of US$325M senior notes offering, plans to use net proceeds to repay borrowings and for general corporate purposes

JACKSONVILLE, Florida , February 29, 2012 (press release) – Rayonier (NYSE:RYN) announced today that it has priced an underwritten public offering of $325 million aggregate principal amount of senior notes due 2022. The notes will have a coupon of 3.75% per year and mature on April 1, 2022. The Company will pay interest on the notes semi-annually on April 1 and October 1 of each year, beginning on October 1, 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 March 5, 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 (the “SEC”) website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Rayonier

Rayonier Inc. (“Rayonier” or the “Company”) 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, GA and Daytona Beach, FL. 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 percent of the Company's sales are outside the U.S. 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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