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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 -- NOVEMBER 9, 1999
COMMISSION FILE NUMBER 1-6780
RAYONIER INC.
Incorporated in the State of North Carolina
I.R.S. Employer Identification Number l3-2607329
l177 Summer Street, Stamford, Connecticut 06905-5529
(Principal Executive Office)
Telephone Number: (203) 348-7000
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RAYONIER INC.
TABLE OF CONTENTS
PAGE
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Item 2. Acquisition of Assets 1
Item 7. Financial Statements and Exhibits 1
Signature 1
Exhibit Index 2
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ITEM 2. ACQUISITION OF ASSETS
On October 25, 1999 the Registrant acquired approximately 969,000 owned and
leased acres of timberland in Georgia, Florida and Alabama from Jefferson
Smurfit Corporation (U.S.) ("Smurfit") in a business combination to be accounted
for by the purchase method of accounting. In addition, the Registrant and
Smurfit entered into a Timber Cutting Agreement whereby the Registrant has
agreed to supply at market prices a portion of Smurfit's wood supply
requirements for the years 2000 and 2001 at its facilities in Fernandina Beach,
Florida and Brewton, Alabama. The purchase price of approximately $710 million
consisted of $485 million in installment notes issued to Smurfit and $225
million in cash under a bank credit facility underwritten by Credit Suisse
First Boston and Morgan Stanley Senior Funding, Inc. Smurfit used these
timberlands primarily to provide pulpwood fiber to its paperboard mills. The
Registrant plans to manage the timberlands and sell standing timber on an
open-market basis through Rayonier Timberlands Operating Company, L.P., a
wholly-owned limited partnership.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired:
The financial statements required by this item will be filed
by an amendment to this Current Report on Form 8-K as soon as
practicable but not later than 60 days after the date of this
filing.
(b) Pro Forma Financial Information:
The pro forma financial statements required by this item will
be filed by an amendment to this Current Report on Form 8-K as
soon as practicable but not later than 60 days after the date
of this filing.
(c) See Exhibit Index
SIGNATURE
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.
RAYONIER INC. (Registrant)
BY George C. Kay
George C. Kay
Vice President and
Corporate Controller
November 9, 1999
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EXHIBIT NO. DESCRIPTION LOCATION
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2 Plan of acquisition, reorganization, The Purchase and
arrangement, liquidation or succession Sale Agreement and
the Timber Cutting
Agreement between
Rayonier Inc. and
Jefferson Smurfit
Corporation (U.S.)
will be filed by
amendment.
99 News Release issued October 25, 1999 Filed herewith
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