UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE
OF REPORT — October 15, 2002
COMMISSION FILE NUMBER 1-6780
RAYONIER INC.
Incorporated in the State of North Carolina
I.R.S. Employer Identification Number l3-2607329
50 North Laura Street, Jacksonville, Florida
32202
(Principal Executive Office)
Telephone Number: (904) 357-9100
RAYONIER INC.
TABLE OF CONTENTS
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| Item 5.
Other Events |
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i
Incorporated by reference is a press release issued by Rayonier Inc. on October 15, 2002, attached as
Exhibit 99.
See Exhibit Index on Page 3.
1
Pursuant to the requirements of the Securities Exchange Act of l934, the registrant has duly caused
this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| October 15, 2002 |
RAYONIER INC. (Registrant) By: /s/ Hans E. Vanden Noort Name: Hans E. Vanden Noort Title: Vice President and Corporate Controller |
2
| EXHIBIT NO. |
DESCRIPTION |
LOCATION | ||
| 99 |
Press release titled, Rayonier Pays Off $78 Million 10-Year Notes,
issued October 15, 2002. |
Filed herewith |
3
Exhibit No. 99
Rayonier Pays Off $78 Million 10-Year Notes
JACKSONVILLE, FL, OCTOBER 15, 2002 – Rayonier (NYSE: RYN) announced today that it had paid off the remaining $78 million of outstanding 7.5% notes due in 2002. The company originally issued $110 million in notes in 1992 to
partially finance a $200 million New Zealand timberland acquisition. To pay off the notes, Rayonier utilized $63 million in available cash and $15 million from its credit line which the company expects to repay by year-end. Rayonier’s debt is
now $690 million, down $446 million from $1,136 million reached at year-end 1999 following a major timberland acquisition in the Southeast U.S.
Rayonier is the world’s premier supplier of high performance specialty cellulose fibers and has 2.2 million acres of timberland in the U.S. and New Zealand. Approximately half of Rayonier’s
sales are outside the U.S. to customers in nearly 60 countries.
Comments about the expected timing of
repayment of borrowings used to partially fund pay off of the notes are forward looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For factors that could cause actual results to
differ materially from those expressed in the forward-looking statements, please see the company’s most recent Form 10-K on file with the Securities and Exchange Commission.
For further information, visit the company’s web site at www.rayonier.com. Complimentary copies of Rayonier press releases and other financial documents are also
available by mail or fax by calling 1-800-RYN-7611.
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