JACKSONVILLE, Fla.--(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.

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.