Rayonier Prices Public Offering of Common Shares
March 17 2017 - 9:20AM
Business Wire
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: prospectus@raymondjames.com.
About Rayonier
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.
Forward-Looking Statements
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170317005304/en/
RayonierInvestorsMark McHugh, 904-357-3757orMediaRoseann
Wentworth, 904-357-9185roseann.wentworth@rayonier.com
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