Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Twelve Months Ended | ||||||||
December 31, 2008 | December 31, 2007 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 752 | $ | 782 | ||||
Real Estate | 432 | 402 | ||||||
Manufacturing | 405 | 471 | ||||||
Other | 25 | 20 | ||||||
Total Revenues | 1,614 | 1,675 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 542 | 523 | ||||||
Real Estate | 178 | 144 | ||||||
Manufacturing | 435 | 454 | ||||||
Other | 2 | 3 | ||||||
Total Cost of Goods Sold | 1,157 | 1,124 | ||||||
Selling, General and Administrative | 128 | 127 | ||||||
Total Costs and Expenses | 1,285 | 1,251 | ||||||
Other Operating Income (Expense), net | (1 | ) | — | |||||
Operating Income | 328 | 424 | ||||||
Equity Earnings from Timberland Venture | 15 | — | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Third Parties) | 134 | 147 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 14 | — | ||||||
Total Interest Expense, net | 148 | 147 | ||||||
Gain on Extinguishment of Debt | 11 | — | ||||||
Income before Income Taxes | 206 | 277 | ||||||
Benefit for Income Taxes | (27 | ) | (3 | ) | ||||
Income From Continuing Operations | 233 | 280 | ||||||
Gain on Sale of Properties, net of tax | — | 2 | ||||||
Net Income | $ | 233 | $ | 282 | ||||
Per Share Amounts: | ||||||||
Income From Continuing Operations - Basic | $ | 1.37 | $ | 1.60 | ||||
Income From Continuing Operations - Diluted | $ | 1.37 | $ | 1.60 | ||||
Net Income per Share - Basic | $ | 1.37 | $ | 1.61 | ||||
Net Income per Share - Diluted | $ | 1.37 | $ | 1.61 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 170.3 | 174.5 | ||||||
- Diluted | 170.7 | 175.0 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Quarter Ended | ||||||||
December 31, 2008 | December 31, 2007 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 165 | $ | 193 | ||||
Real Estate | 215 | 198 | ||||||
Manufacturing | 75 | 108 | ||||||
Other | 6 | 5 | ||||||
Total Revenues | 461 | 504 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 122 | 132 | ||||||
Real Estate | 109 | 75 | ||||||
Manufacturing | 90 | 105 | ||||||
Other | — | 1 | ||||||
Total Cost of Goods Sold | 321 | 313 | ||||||
Selling, General and Administrative | 34 | 36 | ||||||
Total Costs and Expenses | 355 | 349 | ||||||
Other Operating Income (Expense), net | (3 | ) | — | |||||
Operating Income | 103 | 155 | ||||||
Equity Earnings from Timberland Venture | 15 | — | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Third Parties) | 29 | 38 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 14 | — | ||||||
Total Interest Expense, net | 43 | 38 | ||||||
Gain on Extinguishment of Debt | 11 | — | ||||||
Income before Income Taxes | 86 | 117 | ||||||
Benefit for Income Taxes | (9 | ) | (1 | ) | ||||
Net Income | $ | 95 | $ | 118 | ||||
Per Share Amounts: | ||||||||
Net Income per Share - Basic | $ | 0.57 | $ | 0.68 | ||||
Net Income per Share - Diluted | $ | 0.57 | $ | 0.68 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 167.2 | 172.3 | ||||||
- Diluted | 167.4 | 172.8 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31, 2008 | December 31, 2007 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 369 | $ | 240 | ||||
Accounts Receivable | 22 | 33 | ||||||
Like-Kind Exchange Funds Held in Escrow | 48 | — | ||||||
Taxes Receivable | 23 | 4 | ||||||
Inventories | 74 | 82 | ||||||
Deferred Tax Asset | 11 | 7 | ||||||
Real Estate Development Properties | 4 | 5 | ||||||
Assets Held for Sale | 137 | 64 | ||||||
Other Current Assets | 11 | 21 | ||||||
699 | 456 | |||||||
Timber and Timberlands, net | 3,638 | 3,949 | ||||||
Property, Plant and Equipment, net | 177 | 202 | ||||||
Equity Investment in Timberland Venture | 199 | — | ||||||
Investment in Grantor Trusts (at Fair Value) | 25 | 27 | ||||||
Other Assets | 42 | 30 | ||||||
Total Assets | $ | 4,780 | $ | 4,664 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 158 | $ | 147 | ||||
Accounts Payable | 35 | 48 | ||||||
Interest Payable | 30 | 29 | ||||||
Wages Payable | 28 | 25 | ||||||
Taxes Payable | 18 | 23 | ||||||
Deferred Revenue | 17 | 13 | ||||||
Other Current Liabilities | 21 | 18 | ||||||
307 | 303 | |||||||
Long-Term Debt | 1,793 | 1,820 | ||||||
Line of Credit | 231 | 556 | ||||||
Note Payable to Timberland Venture | 783 | — | ||||||
Deferred Tax Liability | 4 | 20 | ||||||
Other Liabilities | 90 | 64 | ||||||
Total Liabilities | 3,208 | 2,763 | ||||||
Commitments and Contingencies | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Preferred Stock, $0.01 par value, authorized shares - 75.0, outstanding - none | — | — | ||||||
Common Stock, $0.01 par value, authorized shares - 300.6, outstanding (net of Treasury Stock) - 166.0 at December 31, 2008, and 172.3 at December 31, 2007 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,225 | 2,204 | ||||||
Retained Earnings | 149 | 202 | ||||||
Treasury Stock, at cost, Common Shares - 21.5 at December 31, 2008, and 14.6 at December 31, 2007 | (773 | ) | (509 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (31 | ) | 2 | |||||
Total Stockholders’ Equity | 1,572 | 1,901 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,780 | $ | 4,664 | ||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Twelve Months Ended | ||||||||
December 31, 2008 | December 31, 2007 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 233 | $ | 282 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 135 | 134 | ||||||
(includes $10 Lumber Impairment Loss in 2008 and $4 Loss Related to Forest Fires in 2007) | ||||||||
Basis of Real Estate Sold | 149 | 108 | ||||||
Equity Earnings from Timberland Venture | (15 | ) | — | |||||
Expenditures for Real Estate Development | (7 | ) | (19 | ) | ||||
Deferred Income Taxes | (10 | ) | (9 | ) | ||||
Gain on Sales of Properties and Other Assets | (3 | ) | (2 | ) | ||||
Gain on Extinguishment of Debt | (11 | ) | — | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | 18 | — | ||||||
Pension Plan Contributions | (30 | ) | — | |||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | (48 | ) | — | |||||
Other Working Capital Changes | (8 | ) | 8 | |||||
Other | 17 | 15 | ||||||
Net Cash Provided By Operating Activities | 420 | 517 | ||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (70 | ) | (93 | ) | ||||
Timberlands Acquired | (119 | ) | (174 | ) | ||||
Proceeds from Sales of Properties and Other Assets | 3 | 3 | ||||||
Investment in Timberland Venture | (9 | ) | — | |||||
Purchases of Marketable Securities | (7 | ) | — | |||||
Other | (3 | ) | 2 | |||||
Net Cash Used In Investing Activities | (205 | ) | (262 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (286 | ) | (294 | ) | ||||
Borrowings on Line of Credit | 1,506 | 2,795 | ||||||
Repayments on Line of Credit | (1,831 | ) | (2,820 | ) | ||||
Proceeds from Issuance of Long-Term Debt | 250 | 350 | ||||||
Principal Payments and Retirement of Long-Term Debt | (258 | ) | (125 | ) | ||||
Note Payable to Timberland Venture | 783 | — | ||||||
Proceeds from Stock Option Exercises | 14 | 8 | ||||||
Acquisition of Treasury Stock | (264 | ) | (202 | ) | ||||
Net Cash Used In Financing Activities | (86 | ) | (288 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | 129 | (33 | ) | |||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 240 | 273 | ||||||
End of Period | $ | 369 | $ | 240 | ||||
Non-Cash Investing Activity | ||||||||
Contribution of Timber and Timberlands to Timberland Venture | $ | 174 | $ | — |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Quarter Ended | ||||||||
December 31, 2008 | December 31, 2007 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 95 | $ | 118 | ||||
Adjustments to Reconcile Net Income to | ||||||||
Net Cash Provided By Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 26 | 32 | ||||||
Basis of Real Estate Sold | 100 | 63 | ||||||
Equity Earnings from Timberland Venture | (15 | ) | — | |||||
Expenditures for Real Estate Development | (1 | ) | (6 | ) | ||||
Deferred Income Taxes | 1 | (2 | ) | |||||
Gain on Extinguishment of Debt | (11 | ) | — | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | 1 | — | ||||||
Pension Plan Contributions | (23 | ) | — | |||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | 21 | 13 | ||||||
Other Working Capital Changes | (7 | ) | (10 | ) | ||||
Other | 8 | 5 | ||||||
Net Cash Provided By Operating Activities | 195 | 213 | ||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (23 | ) | (34 | ) | ||||
Timberlands Acquired | (54 | ) | (78 | ) | ||||
Investment in Timberland Venture | (9 | ) | — | |||||
Purchases of Marketable Securities | (6 | ) | — | |||||
Net Cash Used In Investing Activities | (92 | ) | (112 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (70 | ) | (72 | ) | ||||
Borrowings on Line of Credit | 231 | 616 | ||||||
Repayments on Line of Credit | (432 | ) | (574 | ) | ||||
Principal Payments and Retirement of Long-Term Debt | (208 | ) | — | |||||
Note Payable to Timberland Venture | 783 | — | ||||||
Proceeds from Stock Option Exercises | — | 1 | ||||||
Acquisition of Treasury Stock | (213 | ) | — | |||||
Net Cash Provided By (Used In) Financing Activities | 91 | (29 | ) | |||||
Increase (Decrease) In Cash and Cash Equivalents | 194 | 72 | ||||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 175 | 168 | ||||||
End of Period | $ | 369 | $ | 240 | ||||
Non-Cash Investing Activity | ||||||||
Contribution of Timber and Timberlands to Timberland Venture | $ | 174 | $ | — |
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Twelve Months 2008 | Twelve Months 2007 | |||||||
(In Millions) | ||||||||
Revenues: | ||||||||
Northern Resources | $ | 347 | $ | 361 | ||||
Southern Resources | 461 | 492 | ||||||
Real Estate | 432 | 402 | ||||||
Manufacturing | 405 | 471 | ||||||
Other | 25 | 20 | ||||||
Eliminations | (56 | ) | (71 | ) | ||||
Total Revenues | $ | 1,614 | $ | 1,675 | ||||
Operating Income (Loss) | ||||||||
Northern Resources | $ | 41 | $ | 58 | ||||
Southern Resources | 128 | 161 | ||||||
Real Estate | 245 | 250 | ||||||
Manufacturing | (44 | ) | 2 | |||||
Other | 23 | 17 | ||||||
Other Costs and Eliminations | (64 | ) | (64 | ) | ||||
Other Operating Income (Expense), net | (1 | ) | — | |||||
Total Operating Income | $ | 328 | $ | 424 | ||||
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Fourth Quarter 2008 | Fourth Quarter 2007 | |||||||
(In Millions) | ||||||||
Revenues: | ||||||||
Northern Resources | $ | 84 | $ | 97 | ||||
Southern Resources | 95 | 118 | ||||||
Real Estate | 215 | 198 | ||||||
Manufacturing | 75 | 108 | ||||||
Other | 6 | 5 | ||||||
Eliminations | (14 | ) | (22 | ) | ||||
Total Revenues | $ | 461 | $ | 504 | ||||
Operating Income (Loss) | ||||||||
Northern Resources | $ | 8 | $ | 17 | ||||
Southern Resources | 25 | 35 | ||||||
Real Estate | 104 | 121 | ||||||
Manufacturing | (20 | ) | (1 | ) | ||||
Other | 6 | 4 | ||||||
Other Costs and Eliminations | (17 | ) | (21 | ) | ||||
Other Operating Income (Expense), net | (3 | ) | — | |||||
Total Operating Income | $ | 103 | $ | 155 | ||||
Plum Creek Timber Company, Inc
Selected Operating Statistics
(Unaudited)
2008 | 2007 | |||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||
Sales Realization | Units | |||||||||||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||||||||||||
Sawlog | $/Ton Stumpage | $ | 29 | $ | 26 | $ | 25 | $ | 26 | $ | 26 | $ | 32 | $ | 31 | $ | 31 | $ | 30 | $ | 31 | |||||||||||
Pulpwood | $/Ton Stumpage | $ | 10 | $ | 10 | $ | 10 | $ | 12 | $ | 10 | $ | 9 | $ | 9 | $ | 9 | $ | 9 | $ | 9 | |||||||||||
Northern Resources | ||||||||||||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 67 | $ | 68 | $ | 74 | $ | 68 | $ | 69 | $ | 71 | $ | 76 | $ | 76 | $ | 71 | $ | 73 | |||||||||||
Pulpwood | $/Ton Delivered | $ | 39 | $ | 43 | $ | 45 | $ | 44 | $ | 43 | $ | 37 | $ | 38 | $ | 36 | $ | 38 | $ | 37 | |||||||||||
Lumber (1) | $/MBF | $ | 366 | $ | 367 | $ | 384 | $ | 367 | $ | 371 | $ | 390 | $ | 400 | $ | 405 | $ | 410 | $ | 400 | |||||||||||
Plywood (1) | $/MSF | $ | 398 | $ | 404 | $ | 396 | $ | 382 | $ | 397 | $ | 398 | $ | 407 | $ | 416 | $ | 399 | $ | 405 | |||||||||||
Fiberboard (1) | $/MSF | $ | 591 | $ | 600 | $ | 610 | $ | 625 | $ | 604 | $ | 490 | $ | 529 | $ | 542 | $ | 538 | $ | 525 | |||||||||||
Sales Volume | ||||||||||||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||||||||||||
Sawlog | 1,000 Tons | 1,459 | 1,666 | 1,425 | 1,020 | 5,570 | 1,681 | 1,691 | 1,639 | 1,401 | 6,412 | |||||||||||||||||||||
Pulpwood | 1,000 Tons | 1,976 | 2,221 | 2,089 | 1,741 | 8,027 | 1,954 | 1,901 | 1,841 | 2,020 | 7,716 | |||||||||||||||||||||
Total Harvest | 3,435 | 3,887 | 3,514 | 2,761 | 13,597 | 3,635 | 3,592 | 3,480 | 3,421 | 14,128 | ||||||||||||||||||||||
Northern Resources | ||||||||||||||||||||||||||||||||
Sawlog | 1,000 Tons | 978 | 739 | 828 | 821 | 3,366 | 960 | 789 | 821 | 1,032 | 3,602 | |||||||||||||||||||||
Pulpwood | 1,000 Tons | 738 | 504 | 725 | 649 | 2,616 | 819 | 527 | 635 | 645 | 2,626 | |||||||||||||||||||||
Total Harvest | 1,716 | 1,243 | 1,553 | 1,470 | 5,982 | 1,779 | 1,316 | 1,456 | 1,677 | 6,228 | ||||||||||||||||||||||
Lumber | MBF | 69,596 | 83,477 | 74,100 | 62,660 | 289,833 | 95,265 | 95,701 | 82,217 | 77,248 | 350,431 | |||||||||||||||||||||
Plywood | MSF | 68,746 | 68,616 | 62,112 | 37,509 | 236,983 | 72,582 | 72,454 | 69,796 | 62,614 | 277,446 | |||||||||||||||||||||
Fiberboard | MSF | 58,784 | 63,205 | 44,371 | 31,071 | 197,431 | 64,872 | 65,938 | 64,039 | 59,179 | 254,028 |
(1) | Represents prices at mill level. |
Plum Creek Timber Company, Inc.
Land Sale Statistics
(Unaudited)
2008 | 2007 | |||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr (1) | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||
Acres Sold | ||||||||||||||||||||||||||||||
Small Non-strategic | 17,145 | 13,215 | 14,800 | 47,125 | 92,285 | 8,645 | 21,255 | 30,735 | 16,895 | 77,530 | ||||||||||||||||||||
Large Non-strategic | — | — | — | — | — | — | — | — | 99,325 | 99,325 | ||||||||||||||||||||
Conservation | 1,015 | 595 | 39,880 | 134,250 | 175,740 | 4,210 | 480 | 2,650 | 24,505 | 31,845 | ||||||||||||||||||||
HBU/Recreation | 10,635 | 11,785 | 15,640 | 7,550 | 45,610 | 3,750 | 8,695 | 10,400 | 14,220 | 37,065 | ||||||||||||||||||||
Development Properties | 65 | 700 | 10 | 45 | 820 | 45 | 595 | 890 | 3,760 | 5,290 | ||||||||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||
28,860 | 26,295 | 70,330 | 188,970 | 314,455 | 16,650 | 31,025 | 44,675 | 158,705 | 251,055 | |||||||||||||||||||||
Price per Acre | ||||||||||||||||||||||||||||||
Small Non-strategic | $ | 1,180 | $ | 1,285 | $ | 1,145 | $ | 745 | $ | 965 | $ | 1,445 | $ | 1,295 | $ | 1,400 | $ | 1,510 | $ | 1,400 | ||||||||||
Large Non-strategic | — | — | — | — | — | — | — | — | $ | 705 | $ | 705 | ||||||||||||||||||
Conservation | $ | 395 | $ | 1,555 | $ | 1,035 | $ | 1,170 | $ | 1,140 | $ | 1,740 | $ | 6,660 | $ | 2,150 | $ | 1,080 | $ | 1,340 | ||||||||||
HBU/Recreation | $ | 2,875 | $ | 2,740 | $ | 3,220 | $ | 2,965 | $ | 2,975 | $ | 4,300 | $ | 3,150 | $ | 3,675 | $ | 3,315 | $ | 3,475 | ||||||||||
Development Properties | $ | 5,825 | $ | 9,630 | $ | 13,130 | $ | 4,095 | $ | 8,770 | $ | 22,045 | $ | 21,260 | $ | 8,410 | $ | 7,640 | $ | 9,440 | ||||||||||
Conservation Easements | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Revenue, ($ millions) | ||||||||||||||||||||||||||||||
Small Non-strategic | $ | 20 | $ | 17 | $ | 17 | $ | 35 | $ | 89 | $ | 13 | $ | 28 | $ | 43 | $ | 26 | $ | 110 | ||||||||||
Large Non-strategic | — | — | — | — | — | — | — | — | $ | 70 | $ | 70 | ||||||||||||||||||
Conservation | — | $ | 1 | $ | 41 | $ | 157 | $ | 200 | $ | 7 | $ | 3 | $ | 6 | $ | 26 | $ | 42 | |||||||||||
HBU/Recreation | $ | 31 | $ | 32 | $ | 50 | $ | 22 | $ | 136 | $ | 16 | $ | 27 | $ | 38 | $ | 47 | $ | 128 | ||||||||||
Development Properties | — | $ | 7 | — | — | $ | 7 | $ | 1 | $ | 13 | $ | 7 | $ | 29 | $ | 50 | |||||||||||||
Conservation Easements | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
$ | 52 | $ | 57 | $ | 108 | $ | 215 | $ | 432 | $ | 37 | $ | 71 | $ | 94 | $ | 198 | $ | 400 | |||||||||||
Proceeds from Joint Ventures(2) | — | — | — | — | — | $ | 2 | — | — | — | $ | 2 | ||||||||||||||||||
Basis of Real Estate Sold (3) | $ | 10 | $ | 13 | $ | 26 | $ | 100 | $ | 149 | $ | 9 | $ | 14 | $ | 22 | $ | 63 | $ | 108 |
(1) | During the 4th quarter of 2008 we sold 130,000 acres in Montana to a conservation buyer for $150 million. The sale is presented as a Conservation sale. The transaction included 59,000 acres of Conservation property, 51,000 acres of Small Non-strategic property, 16,000 acres of HBU/ Recreation property, and 4,000 acres of Development property. |
(2) | Not reflected in the Land Sale Statistics (Acres Sold, Price per Acre and Revenue) |
(3) | Includes $75 million in the fourth quarter of 2008 for a 130,000 acre conservation sale in Montana and $26 million in the fourth quarter of 2007 for a large non-strategic sale in Wisconsin. |
PLUM CREEK TIMBER COMPANY, INC.
DEBT MATURITIES SCHEDULE
December 31, 2008
(UNAUDITED)
Borrowings (1) | |||||
Principal | Weighted Avg. Interest Rate | ||||
Quarterly Maturities through 2010: | |||||
1st Qtr 2009 | 49 | 7.670% | |||
3rd Qtr 2009 | 109 | 8.730% | |||
1st Qtr 2010 | 52 | 5.480% | |||
4th Qtr 2010 | 4 | 8.050% | |||
Annual Maturities through 2014: | |||||
2011 | 416 | 7.739% | (2) | ||
2012 | 604 | — | (3) | ||
2013 | 250 | 6.663% | (4) | ||
2014 | 4 | 8.050% |
(1) | Does not include repayments on the company’s $750 million revolving line of credit due in 2011. |
(2) | Principal amount composed of senior notes with principal amounts of $74 million, $4 million, $290 million and $48 million and interest rates of 7.970%, 8.050%, 7.660% and 7.830%, respectively. |
(3) | Includes $600 million of maturities for the company’s two term credit agreements and senior notes with principal of $4 million and an interest rate of 8.050%. The interest rate on the $350 million term credit agreement is currently based on LIBOR plus 0.45%. The interest rate on the $250 million term credit agreement is currently based on LIBOR plus 1.00%. |
(4) | Principal amount composed of senior notes with principal amounts of $4 million, $72 million and $174 million and interest rates of 8.050%, 7.760% and 6.180%, respectively. |
Plum Creek Timber Company, Inc
Acreage Ownership by State
(Unaudited)
December 31, 2008 | ||
Alabama | 100,000 | |
Arkansas | 773,000 | |
Florida | 600,000 | |
Georgia | 784,000 | |
Louisiana | 473,000 | |
Maine | 929,000 | |
Michigan | 602,000 | |
Mississippi | 686,000 | |
Montana | 1,089,000 | |
New Hampshire | 33,000 | |
North Carolina | 9,000 | |
Oklahoma | 6,000 | |
Oregon | 430,000 | |
South Carolina | 189,000 | |
Texas | 47,000 | |
Vermont | 86,000 | |
Washington | 121,000 | |
West Virginia | 112,000 | |
Wisconsin | 320,000 | |
Total | 7,389,000 | |