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Pricing Supplement Dated September 15, 1995 Rule 424 (b) (2) (To Prospectus dated May 17, 1994 and File Numbers: 33-51972 Prospectus Supplement dated May 27, 1994) 33-52855 Rayonier Inc. Series B Medium Term Notes - Floating Rate Trade Date: September 15, 1995 Original Issue Date: September 20, 1995 Principal Amount $15,000,000.00 Net Proceeds to Issuer: $14,947,500.00 Currency: USD Minimum Denomination: $1,000 Issue Price: 100% Selling Agent's Commission: 0.350% Initial Interest Rate: to be determined on the LIBOR determination date Maturity Date: September 21, 1998 Form: X Book-Entry _____ Certified 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 Period: Quarterly Index Maturity: 3 months Interest Payment Date: Third Wednesday of December, March, June, and September Spread: +29 bps Maximum Interest Rates: N/A 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. ____ Lazard Freres & Co. X Morgan Stanley & Co. _____ Salomon Brothers Inc Pricing Supplement Dated September 15, 1995 Rule 424 (b) (2) (To Prospectus dated May 17, 1994 and File Numbers: 33-51972 Prospectus Supplement dated May 27, 1994) 33-52855 Rayonier Inc. Series B Medium Term Notes - Floating Rate Trade Date: September 15, 1995 Original Issue Date: September 20, 1995 Principal Amount $11,000,000.00 Net Proceeds to Issuer: $10,961,500.00 Currency: USD Minimum Denomination: $1,000 Issue Price: 100% Selling Agent's Commission: 0.350% Initial Interest Rate: to be determined on the LIBOR determination date Maturity Date: September 21, 1998 Form: X Book-Entry _____ Certified 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 Period: Quarterly Index Maturity: 3 months Interest Payment Date: Third Wednesday of December, March, June, and September Spread: +29 bps Maximum Interest Rates: N/A 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. _____ Lazard Freres & Co. ______ Morgan Stanley & Co. X Salomon Brothers Inc. Pricing Supplement Dated September 15, 1995 Rule 424 (b) (2) (To Prospectus dated May 17, 1994 and File Numbers: 33-51972 Prospectus Supplement dated May 27, 1994) 33-52855 Rayonier Inc. Series B Medium Term Notes - Floating Rate Trade Date: September 15, 1995 Original Issue Date: September 20, 1995 Principal Amount US $7,000,000.00 Net Proceeds to Issuer: $6,975,500.00 Currency: USD Minimum Denomination: $1,000 Issue Price: 100% Selling Agent's Commission: 0.350% Initial Interest Rate: to be determined on the LIBOR determination date Maturity Date: September 21, 1998 Form: X Book-Entry _____ Certified Interest: Base Rate: _____ CD Rate _____ Commercial Paper Rate _____ Fed Funds Rate X LIBOR: _____ Treasury Rate _____ Other (see attached) _____ Prime Interest Rate Formula: _________________________________ (see attached) Interest Reset Period: Quarterly Interest Payment Period: Quarterly Index Maturity: 3 months Interest Payment Date: Third Wednesday of December, March, June, and September Spread: +29 bps Maximum Interest Rates: N/A 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 Lazard Freres & Co. _____ Morgan Stanley & Co. _____ Salomon Brothers Inc