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Article: Fitch Rates Plum Creek's Sr Notes 'BBB-'.
- Article from:
- Business Wire
- Article date:
- April 25, 2006
CopyrightCOPYRIGHT 2006 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 -- Plum Creek Timber Company's (Plum Creek) debut bond issue, $300 million of 5.875% senior unsecured notes due November 2015, is being re-opened for subscription by the company. Plum Creek intends to raise approximately $200 million which will ultimately be used to repay in part around $207 million of term loans, mortgage notes and privately placed senior unsecured notes maturing later this year. Fitch Ratings has assigned the notes a 'BBB-' rating and the company a 'BBB-' issuer default rating. The Rating Outlook is Stable.
Plum Creek is a real estate investment trust whose business is timberland ownership and the discovery of alternate land use ...