Plum Creek Timber Company, Inc. (NYSE: PCL) today announced that it intends to offer 14,100,000 shares of its common stock, par value $0.01 per share, in an underwritten public offering, subject to market and other conditions. In addition, Plum Creek intends to grant the underwriters a 30-day option to purchase up to 2,115,000 additional shares of Plum Creek common stock to cover over-allotments, if any. Plum Creek intends to use the net proceeds from the offering, if completed, to finance the acquisition of timberlands and other real estate assets from MeadWestvaco Corporation that was announced earlier today, and for general corporate purposes, including the repayment of a portion of Plum Creek’s outstanding debt. Goldman, Sachs & Co. and J.P. Morgan Securities LLC are serving as joint book-running managers for the offering. Wells Fargo Securities, LLC is also serving as a bookrunner. Mitsubishi UFJ Securities (USA), Inc., Piper Jaffray & Co., RBS Securities Inc., Rabo Securities USA, Inc. and The Williams Capital Group, L.P. are serving as co-managers. The shares are being offered pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC). The offering will be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained, when available, from Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY, 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or by emailing firstname.lastname@example.org, or from J.P. Morgan Securities LLC, attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204. This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Plum Creek is among the largest and most geographically diverse private landowners in the nation with approximately 6.3 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,’ “expects,” “may,” “will,” “should,” “seek,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates,” or the negative of those words or other comparable terminology. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the completion of the acquisition in the time frame, on the terms and in the manner currently anticipated, the cyclical nature of the forest products industry, our ability to harvest our timber, our ability to execute our acquisition strategy, the market for and our ability to sell or exchange non-strategic timberlands and timberland properties that have higher and better uses, and various regulatory constraints. These and other risks, uncertainties and assumptions are detailed from time to time in our filings with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, and the Securities Act of 1933, as amended. It is likely that if one or more of the risks materializes, or if one or more assumptions prove to be incorrect, the current expectations of Plum Creek and its management will not be realized. Forward-looking statements are not guarantees of performance, and speak only as of the date made, and neither Plum Creek nor its management undertakes any obligation to update or revise any forward-looking statements.