Rayonier Inc. (NYSE:RYN) on 6/16 announced significant progress toward completing the planned separation of its Performance Fibers business from its Forest Resources and Real Estate businesses. The separation will occur by means of a tax-free spin-off of 100% of the common stock of Rayonier Advanced Materials Inc., which will contain the Performance Fibers business. The common stock of Rayonier Advanced Materials is expected to trade on the New York Stock Exchange (NYSE) under the symbol “RYAM.” Rayonier announced that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form 10 filed by Rayonier Advanced Materials in connection with the spin-off. Additionally, the company announced that it also received a private letter ruling from the U.S. Internal Revenue Service (IRS) confirming the tax-free status of the planned spin-off, including certain related internal reorganization transactions.
There is no current market for Rayonier Advanced Materials common stock. The NYSE has authorized the listing of Rayonier Advanced Materials common stock under the symbol “RYAM” following the distribution. Rayonier Advanced Materials has been advised that trading in its common stock is expected to begin on a “when issued” basis on June 16, 2014, under the symbol “RYAM WI.” “When issued” trading of Rayonier Advanced Materials common stock will continue until Rayonier makes the distribution of Rayonier Advanced Materials common stock on June 27, 2014. “When issued” trades of Rayonier Advanced Materials common stock will settle after June 27, 2014, when Rayonier Advanced Materials becomes a standalone company. Source: Press Release
