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Article: Fitch Assigns a 'BBB-' Rating to New Plum Creek Issue.
- Article from:
- Business Wire
- Article date:
- November 7, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings has assigned a 'BBB-' rating to Plum Creek Timber Company's (Plum Creek) senior unsecured $250 million bond offering due December 2015. The Rating Outlook is Stable.
The majority of proceeds from the bond issue will be used to purchase 650,000 acres of timberland located on the Upper Peninsula of Michigan from Escanaba Timber LLC for $345 million. Most of the pulpwood from this site will be sold to NewPage Corporation, which owns the Escanaba coated papers mill, formerly part of MeadWestvaco Corporation's portfolio. Sawlogs will be sold to independent mills. This property has a well developed infrastructure in an actively producing region ...