Filed Pursuant to Rule 433
Dated April 25, 2006
Registration Statement Nos. 333-133515 and 333-133515-01
Term Sheet—Reopening of Outstanding 5.875% Notes due 2015
| Issuer: | Plum Creek Timberlands, L.P. | |
| Guarantor: | Plum Creek Timber Company, Inc. | |
| Size: | $225,000,000 | |
| Security Type: | Senior Unsecured Notes | |
| Coupon: | 5.875% | |
| Maturity: | November 15, 2015 | |
| CUSIP: | 72925PAB1 | |
| Price to Public: | $966.86 (plus accrued interest from November 14, 2005) | |
| Proceeds, before expenses, to Issuer: | $216,081,000 (plus accrued interest from November 14, 2005) | |
| Total Accrued Interest | $6,168,750 | |
| Yield: | 6.343% | |
| Spread to Treasury: | + 127 bps | |
| Benchmark Treasury: | 4.500% due 2/15/2016 | |
| Treasury Spot: | 5.073 (% yield) | |
| Coupon Dates: | May 15 and November 15 | |
| Next Coupon: | May 15, 2006 | |
| Settlement: | T+5 (May 2, 2006) | |
| Optional Redemption: | M/W + 25 bps | |
| Sole Underwriter: | Banc of America Securities LLC |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site atwww.sec.gov. Alternatively, the issuer, the underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or you may e-mail a request to dg.prospectus_distribution@bofasecurities.com.
