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Pricing Supplement No. 1 dated January 27, 1999 Rule 424 (b) (2)
File No. 333-52857
(To Prospectus dated August 18, 1998 and 33-52855
Prospectus Supplement dated November 16, 1998) Cusip # 75507QAL6
Rayonier Inc.
Medium-Term Notes (Fixed Rate) Payable May 15 and November 15
Due Nine Months or More from Date of Issue
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Principal Amount: $50,000,000 Trade Date: January 27, 1999
Issue Price: 100 Original Issue Date: February 1, 1999
Interest Rate: 6.15% Agent's Commission: 0.50%
Maturity Date: February 2, 2004 Net Proceeds to Issuer: $49,750,000
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Redemption: [X] The Notes cannot be redeemed prior to maturity
[ ] The Notes may be redeemed prior to maturity
Initial Redemption Date:
Initial Redemption Price:
Annual Redemption Price Reduction:
Repayment:
[X] The Notes cannot be repaid prior to maturity
[ ] The Notes can be repaid prior to maturity at the option of
the holder
Repayment Price:
Repayment Date:
Original Issue Discount Note: [ ] Yes [X] No
Total Amount of OID:
Original Yield to Maturity:
Initial Accrual Period OID:
Form: [X] Book Entry Depositary: DTC [ ] Certificated
Selling Agent:
[X] Credit Suisse First Boston ($ 15,000,000)
[X] Morgan Stanley & Co. ($ 30,000,000)
[X] Chase Securities ($ 5,000,000)
Other Provisions:
