Rayonier Prices $450 Million of 2.750% Senior Notes Due 2031

Rayonier Inc. (NYSE:RYN) (“Rayonier,” the “Company,” “we” and “our”) today announced that its operating partnership, Rayonier, L.P. (the “Operating Partnership”), has priced an underwritten public offering of $450 million aggregate principal amount of senior notes due 2031 (the “Notes”). The Notes will bear interest at a rate of 2.750% per year, will be issued at a price equal to 99.195% of their face value, and mature on May 17, 2031. The Notes will be fully and unconditionally guaranteed by the Company, Rayonier Operating Company LLC and Rayonier TRS Holdings Inc. The Operating Partnership will pay interest on the Notes semi-annually on May 17 and November 17 of each year, beginning on November 17, 2021. The offering is expected to close on May 17, 2021, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to use the net proceeds from this offering to repay the $250 million outstanding under Rayonier Operating Company LLC’s 2020 incremental term loan facility, and the remainder for general corporate purposes, which may also include repayment of the Operating Partnership’s 3.750% senior notes due 2022 at or prior to maturity.

For the offering, J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are serving as Active Book-Running Managers, Truist Securities, Inc. is serving as Passive Book-Running Manager, Raymond James & Associates, Inc. is serving as Lead Manager and Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as Co-Managers.

The offering is being made pursuant to an effective shelf registration statement and only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement dated May 12, 2021 has been filed, and an issuer free writing prospectus and a final prospectus supplement relating to the offering of the Notes will be filed with the Securities and Exchange Commission (“SEC”). Prospective investors should read the issuer free writing prospectus, preliminary prospectus supplement and the accompanying prospectus included in the registration statement and other documents the Company has filed with the SEC for more complete information about the Company, the Operating Partnership and this offering. These documents are available at no charge by visiting EDGAR at http://www.sec.gov. Alternatively, the prospectus supplement and accompanying prospectus may be obtained by contacting J.P. Morgan Securities LLC – Mail: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, United States; Attention: Prospectus Department; Phone: [phone]; or Credit Suisse Securities (USA) LLC – Mail: Credit Suisse Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, United States; Phone: [phone]; Email: [e-mail].