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Pricing Supplement Dated February 18, 1998 Rule 424 (b) (2)
File Nos. 33-51972
(To Prospectus dated May 17, 1994 and 33-52855
Prospectus Supplement dated May 27, 1994)
RAYONIER INC.
Series B Medium-Term Notes - Floating Rate
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Trade Date: February 18, 1998 Original Issue Date:February 23,1998
Principal Amount: $16,000,000 Net Proceeds to Issuer: $15,960,640
Currency: USD Minimum Denomination: $1,000
Issue Price: 100%
Selling Agent's Commission: 0.246%
Initial Interest Rate: to be determined on the LIBOR determination date
Maturity Date: February 23, 2001
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Form: __X_ Book-Entry
____ Certificated
Interest:
Base Rate: ____ CD Rate ____ Commercial Paper Rate
____ Fed Funds Rate __X__ LIBOR
____ Treasury Rate ____ Other (see attached)
____ Prime
Interest Reset Period: Quarterly Interest Payment Dates: 2/23, 5/23,
Interest Payment Period: Quarterly 8/23, 11/23
Maximum Interest Rates: N/A Index Maturity: 3 months
Spread/Spread Multiplier: +30 bps Minimum Interest Rates: N/A
Redemption: __X_ The Notes cannot be redeemed prior to maturity
____ The Notes may be redeemed prior to maturity
Initial Redemption Date:
Initial Redemption Price:
Annual Redemption Price Reduction:
Repayment: __X_ The Notes cannot be repaid prior to maturity
____ The Notes can be repaid prior to maturity at the
option of the holder
Repayment Price:
Repayment Date:
Discount Note: ____ Yes
__X_ No
Total Amount of OID:
Original Yield to Maturity:
Initial Accrual Period OID:
Method Used to Determine Yield for Initial Accrual Period: ____
Approximate ____ Exact
Capacity:______ Agent ___X__ Principal
If as principal: __X__ The Registered Notes are being offered at varying
prices related to prevailing market prices at the
time of resale.
_____ The Registered Notes are being offered at a fixed
initial public offering price _____% of Principal
Amount. The Registered Notes are being reoffered to
dealers with a reallowance not to exceed ___% of the
Commission or Fee.
____J. P. MORGAN SECURITIES INC.
__X__MORGAN STANLEY & CO. INC.
______CITICORP SECURITIES INC.
