MeadWestvaco to pay down term loan with funds from forestlands sale

By Marisa Wong

Madison, Wis., Oct. 28 - MeadWestvaco Corp. said it intends to repay an outstanding term loan using about $210 million of proceeds from a sale of its forestlands.

The company said it is making the paydown to maintain its investment-grade rating.

The company is selling all of its U.S. forestlands to Plum Creek Timber Co., Inc. for roughly $1.1 billion, according to a press release.

MeadWestvaco is a Richmond, Va.-based packaging services company.

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