SEATTLE, Dec 14, 2010 (BUSINESS WIRE) --
Plum Creek Timber Company, Inc. (NYSE:PCL) announced that it has completed a new four-year $600 million revolving credit facility that matures in January 2015. The new revolving credit facility replaces the company's $750 million revolving credit facility, which was scheduled to mature in June 2011. The company elected a smaller facility in order to minimize financing costs while still maintaining adequate levels of liquidity.
The cost of borrowing under the new line is LIBOR plus 2 percent and will vary with the company's credit rating.
Bank of America, N.A. is the Administrative Agent for the facility. Banc of America Securities LLC, Bank of Tokyo - Mitsubishi UFJ, RBS Securities Inc., U.S. Bank National Association, and Wells Fargo Securities, LLC acted as Joint Lead Arrangers.
Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 7 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest. For more information, visit www.plumcreek.com.
SOURCE: Plum Creek Timber Company, Inc.
Plum Creek Timber Company, Inc.
John Hobbs, 1-800-858-5347
Kathy Budinick, 1-888-467-3751