Plum Creek Timber Closes $600M Four-Year Revolving Credit Facility (PCL)

Plum Creek Timber Company PCL announced that it has completed a new four-year $600 million revolving credit facility that matures in January 2015. The new revolving credit facility replaces the company's $750 million revolving credit facility, which was scheduled to mature in June 2011. The company elected a smaller facility in order to minimize financing costs while still maintaining adequate levels of liquidity. The cost of borrowing under the new line is LIBOR plus 2 percent and will vary with the company's credit rating. Bank of America, N.A. is the Administrative Agent for the facility. Banc of America Securities LLC, Bank of Tokyo - Mitsubishi UFJ, RBS Securities Inc., U.S. Bank National Association, and Wells Fargo Securities, LLC acted as Joint Lead Arrangers.