Plum Creek Plans To Offer 14.1 Mln Shares

(RTTNews) - Plum Creek Timber Company, Inc. (PCL) said Monday that it plans to offer 14.1 million shares of its common stock in an underwritten public offering.

The company plans to grant the underwriters a 30-day option to purchase up to 2.115 million additional shares to cover over-allotments, if any.

Plum Creek said it plans to use the net proceeds from the offering, if completed, to finance the acquisition of timberlands and other real estate assets from MeadWestvaco Corporation that was announced earlier today, and for general corporate purposes, including the repayment of a portion of Plum Creek's outstanding debt.