JACKSONVILLE, Fla.--(BUSINESS WIRE)--Mar. 17, 2017--
Rayonier Inc. (NYSE:RYN) announced today that it has priced an
underwritten public offering of 5,000,000 common shares at a price to
the public of $27.75 per share. The company has also granted the
underwriters a 30-day option to purchase up to an additional 750,000
common shares. The offering is expected to close on March 22, 2017,
subject to the satisfaction of customary closing conditions.
The gross proceeds from the offering are approximately $138.8 million
before deducting underwriting discounts and commissions and estimated
offering expenses (or approximately $159.6 million if the underwriters
exercise their option to purchase additional shares of common shares in
full). The company intends to use the net proceeds from the offering,
including any net proceeds from the underwriters’ exercise of the option
to purchase additional shares, to finance a portion of the company’s
acquisition of approximately 95,100 acres of high-quality industrial
timberlands in Florida, Georgia and South Carolina, through three
transactions with separate sellers (the “Acquisitions”), and the
remainder, if any, for general corporate purposes.
Morgan Stanley and Raymond James are acting as the bookrunning managers
and representatives of the underwriters for the offering.
A shelf registration statement relating to the securities being offered
was filed with the Securities and Exchange Commission (the “SEC”) and is
effective. This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities described herein, nor
shall there be any sale of the securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. The offering is being made only by means of a prospectus
and the related prospectus supplement. A prospectus supplement and
accompanying prospectus relating to the offering have been filed with
the SEC and are available free of charge on the SEC’s website at http://www.sec.gov.
Copies of the prospectus supplement and the accompanying prospectus
relating to these securities may also be obtained from Morgan Stanley &
Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor,
New York, NY 10014, or Raymond James & Associates, Inc., Attention:
Equity Syndicate, 880 Carillon Parkway, St. Petersburg, FL 33716, via
telephone: (800) 248-8863 or via email: firstname.lastname@example.org.
Rayonier is a leading timberland real estate investment trust with
assets located in some of the most productive softwood timber growing
regions in the United States and New Zealand. As of December 31, 2016,
Rayonier owned, leased or managed approximately 2.7 million acres of
timberlands located in the U.S. South (1.85 million acres), U.S. Pacific
Northwest (378,000 acres) and New Zealand (433,000 acres). More
information is available at www.rayonier.com.
This press release contains forward-looking statements, as defined by
the Private Securities Litigation Reform Act of 1995 and other federal
securities laws, related to our current expectations and beliefs as to
our ability to complete the offering, the gross proceeds and uses of
those proceeds, and other future events, including the expected closing
date. These forward-looking statements are identified by the use of
words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,”
“intend,” “project,” “anticipate” and other similar language. However,
the absence of these or similar words or expressions does not mean that
a statement is not forward-looking. While management believes that these
forward-looking statements are reasonable when made, forward-looking
statements are not guarantees of future performance or events and undue
reliance should not be placed on these statements. The reader is
cautioned not to rely on these forward-looking statements. If underlying
assumptions prove inaccurate or known or unknown risks or uncertainties
materialize, actual results could be vary materially from the
expectations and projections of Rayonier. Risks and uncertainties
include our ability to identify, finance and complete timberland
acquisitions, including the Acquisitions; our ability to achieve
anticipated financial outcomes; current and future business and market
conditions; our outlook, expected dividend rate and the implementation
of the company’s business strategies and other similar outcomes relating
to the company’s future events, developments or financial or operational
performance or results; and risks detailed in the preliminary prospectus
supplement related to the offering and shelf registration statement.
Additional factors are described in Item 1A - Risk Factors in the
company’s most recent Annual Report on Form 10-K and similar discussions
included in other reports that we subsequently file with the SEC.
Forward-looking statements are only as of the date they are made, and
the company undertakes no duty to update its forward-looking statements
except as required by law. You are advised, however, to review any
further disclosures we make on related subjects in our subsequent
reports filed with the SEC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170317005304/en/
Source: Rayonier Inc.
Mark McHugh, 904-357-3757