<PAGE> 1
Pricing Supplement Dated February 17, 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
- ------------------------------------------------------------------------------
Trade Date: February 17, 1998 Original Issue Date:February 20,1998
Principal Amount: $10,000,000 Net Proceeds to Issuer: $9,975,000
Currency: USD Minimum Denomination: $1,000
Issue Price: 100%
Selling Agent's Commission: 0.25%
Initial Interest Rate: to be determined on LIBOR determination date
Maturity Date: February 22, 2000
- ------------------------------------------------------------------------------
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: 5/20,
Interest Payment Period: Quarterly 8/20,11/20, 2/22
Maximum Interest Rates: N/A Index Maturity: 3 months
Spread/Spread Multiplier: +25 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.
__X_J. P. MORGAN SECURITIES INC.
____MORGAN STANLEY & CO. INC.
_____CITICORP SECURITIES INC.
