Rayonier starts roadshow for $500 million 10-year notes; yield whisper is high 5% range

By Paul A. Harris

Portland, Ore., May 5 - Rayonier A.M. Products began a roadshow on Monday for its $500 million offering of 10-year senior notes, according to market sources.

Initial yield guidance in the high 5% context, sources say.

The deal is expected to price late in the present week.

BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the joint bookrunners for the Rule 144A for life notes offer.

SunTrust Robinson Humphrey and Wells Fargo Securities LLC are the co-managers.

The notes come with five years of call protection.

Proceeds will be used to fund the spin-off of Rayonier Advanced Materials Inc., a Jacksonville, Fla.-based manufacturer of specialty wood pulp, from Rayonier, Inc.

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