Plum Creek Timberlands prepares sale of guaranteed notes due 2023

By Andrea Heisinger

New York, Nov. 14 - Plum Creek Timberlands, LP is planning a sale of notes due March 15, 2023 on Wednesday, according to a filing with the Securities and Exchange Commission.

The notes (Baa3/BBB-/) will have a make-whole call until three months prior to maturity. There is a change-of-control feature at 101%.

Goldman Sachs & Co., J.P. Morgan Securities LLC, RBS Securities Inc. and U.S. Bancorp Investments Inc. are the bookrunners.

Proceeds will be used to repay notes maturing in 2013.

The notes are guaranteed by Plum Creek Timber Co., Inc., a Seattle-based owner and manager of private timberlands.

Plum Creek was last in the market with a $575 million sale of 4.7% notes due 2021, which priced at Treasuries plus 215 basis points on Nov. 8, 2010.

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