Rayonier To Close Spin Off Of Rayonier Advanced Materials By June 27

(RTTNews) - Rayonier Inc. (RYN) Monday said the separation of its Performance Fibers business from its Forest Resources and Real Estate businesses will close on June 27 via a tax-free spin-off of 100 percent of Rayonier Advanced Materials Inc.'s common stock.

Following the spin-off, the shares of Rayonier Advanced Materials is expected to trade on NYSE under the symbol 'RYAM.'

In connection with the spin-off, the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form 10 filed by Rayonier Advanced Materials.

In addition, the company also received a private letter ruling from the U.S. Internal Revenue Service confirming the tax-free status of the planned spin-off, including certain related internal reorganization transactions.