<PAGE> 1
Pricing Supplement February 18, 1998 Rule 424 (b) (2)
File No. 33-51972
(To Prospectus dated May 17, 1994 and 33-52855
Prospectus Supplement dated May 27, 1994)
RAYONIER INC.
Series B Medium-Term Notes - Fixed Rate
- ------------------------------------------------------------------------------
Trade Date: February 18,1998 Original Issue Date: February 23, 1998
Principal Amount: $5,000,000 Net Proceeds to Issuer: $4,986,500
Currency: USD Minimum Denomination: $1,000
Issue Price: 100%
Selling Agent's Commission: 0.27%
Interest Rate: 6.00%
Interest Payment Date(s): 2/23 and 8/23
Maturity Date: February 23, 2001
- ------------------------------------------------------------------------------
Form: __X__ Book-Entry
____ Certificated
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.