Exhibit 99.2
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Twelve Months Ended | ||||||||
December 31, 2009 | December 31, 2008 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 545 | $ | 752 | ||||
Real Estate | 486 | 432 | ||||||
Manufacturing | 245 | 405 | ||||||
Other | 18 | 25 | ||||||
Total Revenues | 1,294 | 1,614 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 431 | 542 | ||||||
Real Estate | 200 | 178 | ||||||
Manufacturing | 257 | 435 | ||||||
Other | 1 | 2 | ||||||
Total Cost of Goods Sold | 889 | 1,157 | ||||||
Selling, General and Administrative | 106 | 128 | ||||||
Total Costs and Expenses | 995 | 1,285 | ||||||
Other Operating Income (Expense), net | — | (1 | ) | |||||
Operating Income | 299 | 328 | ||||||
Equity Earnings from Timberland Venture | 55 | 15 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 89 | 134 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 58 | 14 | ||||||
Total Interest Expense, net | 147 | 148 | ||||||
Gain (Loss) on Extinguishment of Debt | (2 | ) | 11 | |||||
Income before Income Taxes | 205 | 206 | ||||||
Benefit for Income Taxes | (31 | ) | (27 | ) | ||||
Net Income | $ | 236 | $ | 233 | ||||
Per Share Amounts: | ||||||||
Net Income per Share - Basic | $ | 1.45 | $ | 1.37 | ||||
Net Income per Share - Diluted | $ | 1.44 | $ | 1.37 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 163.3 | 170.3 | ||||||
- Diluted | 163.4 | 170.7 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Quarter Ended | ||||||||
December 31, 2009 | December 31, 2008 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
Revenues: | ||||||||
Timber | $ | 131 | $ | 165 | ||||
Real Estate | 67 | 215 | ||||||
Manufacturing | 56 | 75 | ||||||
Other | 4 | 6 | ||||||
Total Revenues | 258 | 461 | ||||||
Costs and Expenses: | ||||||||
Cost of Goods Sold: | ||||||||
Timber | 105 | 122 | ||||||
Real Estate | 21 | 109 | ||||||
Manufacturing | 52 | 90 | ||||||
Other | — | — | ||||||
Total Cost of Goods Sold | 178 | 321 | ||||||
Selling, General and Administrative | 31 | 34 | ||||||
Total Costs and Expenses | 209 | 355 | ||||||
Other Operating Income (Expense), net | — | (3 | ) | |||||
Operating Income | 49 | 103 | ||||||
Equity Earnings from Timberland Venture | 12 | 15 | ||||||
Interest Expense, net: | ||||||||
Interest Expense (Debt Obligations to Unrelated Parties) | 20 | 29 | ||||||
Interest Expense (Note Payable to Timberland Venture) | 15 | 14 | ||||||
Total Interest Expense, net | 35 | 43 | ||||||
Gain (Loss) on Extinguishment of Debt | (3 | ) | 11 | |||||
Income before Income Taxes | 23 | 86 | ||||||
Benefit for Income Taxes | (5 | ) | (9 | ) | ||||
Net Income | $ | 28 | $ | 95 | ||||
Per Share Amounts: | ||||||||
Net Income per Share - Basic | $ | 0.17 | $ | 0.57 | ||||
Net Income per Share - Diluted | $ | 0.17 | $ | 0.57 | ||||
Weighted Average Number of Shares Outstanding | ||||||||
- Basic | 162.8 | 167.2 | ||||||
- Diluted | 163.0 | 167.4 |
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31, 2009 | December 31, 2008 | |||||||
(In Millions, Except Per Share Amounts) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 299 | $ | 369 | ||||
Accounts Receivable | 24 | 22 | ||||||
Like-Kind Exchange Funds Held in Escrow | — | 48 | ||||||
Taxes Receivable | 15 | 23 | ||||||
Inventories | 46 | 74 | ||||||
Deferred Tax Asset | 6 | 11 | ||||||
Real Estate Development Properties | 1 | 4 | ||||||
Assets Held for Sale | 115 | 137 | ||||||
Other Current Assets | 13 | 11 | ||||||
519 | 699 | |||||||
Timber and Timberlands, net | 3,487 | 3,638 | ||||||
Property, Plant and Equipment, net | 156 | 177 | ||||||
Equity Investment in Timberland Venture | 201 | 199 | ||||||
Deferred Tax Asset | 14 | — | ||||||
Investment in Grantor Trusts (at Fair Value) | 33 | 25 | ||||||
Other Assets | 38 | 42 | ||||||
Total Assets | $ | 4,448 | $ | 4,780 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Current Portion of Long-Term Debt | $ | 55 | $ | 158 | ||||
Accounts Payable | 32 | 35 | ||||||
Interest Payable | 25 | 30 | ||||||
Wages Payable | 20 | 28 | ||||||
Taxes Payable | 14 | 18 | ||||||
Deferred Revenue | 16 | 17 | ||||||
Other Current Liabilities | 21 | 21 | ||||||
183 | 307 | |||||||
Long-Term Debt | 1,625 | 1,793 | ||||||
Line of Credit | 320 | 231 | ||||||
Note Payable to Timberland Venture | 783 | 783 | ||||||
Deferred Tax Liability | — | 4 | ||||||
Other Liabilities | 71 | 90 | ||||||
Total Liabilities | 2,982 | 3,208 | ||||||
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) - 162.8 at December 31, 2009, and 166.0 at December 31, 2008 | 2 | 2 | ||||||
Additional Paid-In Capital | 2,233 | 2,225 | ||||||
Retained Earnings | 110 | 149 | ||||||
Treasury Stock, at cost, Common Shares - 24.8 at December 31, 2009, and 21.5 at December 31, 2008 | (860 | ) | (773 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | (19 | ) | (31 | ) | ||||
Total Stockholders’ Equity | 1,466 | 1,572 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 4,448 | $ | 4,780 | ||||
PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Twelve Months Ended | ||||||||
December 31, 2009 | December 31, 2008 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 236 | $ | 233 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Depreciation, Depletion and Amortization (includes $10 Lumber Impairment Loss in 2009 and 2008) | 109 | 135 | ||||||
Basis of Real Estate Sold | 155 | 149 | ||||||
Equity Earnings from Timberland Venture | (55 | ) | (15 | ) | ||||
Distributions from Timberland Venture | 53 | — | ||||||
Expenditures for Real Estate Development | (1 | ) | (7 | ) | ||||
Deferred Income Taxes | (14 | ) | (10 | ) | ||||
Gain on Sales of Properties and Other Assets | — | (3 | ) | |||||
(Gain) Loss on Extinguishment of Debt | 2 | (11 | ) | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (6 | ) | 18 | |||||
Pension Plan Contributions | (10 | ) | (30 | ) | ||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | 48 | (48 | ) | |||||
Income Tax Receivable | 8 | (19 | ) | |||||
Other Working Capital Changes | 5 | 11 | ||||||
Other | 10 | 17 | ||||||
Net Cash Provided By Operating Activities | 540 | 420 | ||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (61 | ) | (70 | ) | ||||
Timberlands Acquired | (1 | ) | (119 | ) | ||||
Investment in Timberland Venture | — | (9 | ) | |||||
Purchases of Marketable Securities | (3 | ) | (7 | ) | ||||
Other | 1 | — | ||||||
Net Cash Used In Investing Activities | (64 | ) | (205 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (275 | ) | (286 | ) | ||||
Borrowings on Line of Credit | 1,073 | 1,506 | ||||||
Repayments on Line of Credit | (984 | ) | (1,831 | ) | ||||
Proceeds from Issuance of Long-Term Debt | — | 250 | ||||||
Principal Payments and Retirement of Long-Term Debt | (273 | ) | (258 | ) | ||||
Note Payable to Timberland Venture | — | 783 | ||||||
Proceeds from Stock Option Exercises | — | 14 | ||||||
Acquisition of Treasury Stock | (87 | ) | (264 | ) | ||||
Net Cash Used In Financing Activities | (546 | ) | (86 | ) | ||||
Increase (Decrease) In Cash and Cash Equivalents | (70 | ) | 129 | |||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 369 | 240 | ||||||
End of Period | $ | 299 | $ | 369 | ||||
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, 2009 | December 31, 2008 | |||||||
(In Millions) | ||||||||
Cash Flows From Operating Activities: | ||||||||
Net Income | $ | 28 | $ | 95 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||
Depreciation, Depletion and Amortization | 24 | 26 | ||||||
Basis of Real Estate Sold | 16 | 100 | ||||||
Equity Earnings from Timberland Venture | (12 | ) | (15 | ) | ||||
Expenditures for Real Estate Development | — | (1 | ) | |||||
Deferred Income Taxes | 7 | 1 | ||||||
(Gain) Loss on Extinguishment of Debt | 3 | (11 | ) | |||||
Deferred Revenue from Long-Term Gas Leases (Net of Amortization) | (1 | ) | 1 | |||||
Pension Plan Contributions | (2 | ) | (23 | ) | ||||
Working Capital Changes Impacting Cash Flow: | ||||||||
Like-Kind Exchange Funds | — | 21 | ||||||
Income Tax Receivable | (9 | ) | (19 | ) | ||||
Other Working Capital Changes | (7 | ) | 12 | |||||
Other | 1 | 8 | ||||||
Net Cash Provided By Operating Activities | 48 | 195 | ||||||
Cash Flows From Investing Activities: | ||||||||
Capital Expenditures (Excluding Timberland Acquisitions) | (16 | ) | (23 | ) | ||||
Timberlands Acquired | — | (54 | ) | |||||
Investment in Timberland Venture | — | (9 | ) | |||||
Purchases of Marketable Securities | (3 | ) | (6 | ) | ||||
Other | 1 | — | ||||||
Net Cash Used In Investing Activities | (18 | ) | (92 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Dividends | (68 | ) | (70 | ) | ||||
Borrowings on Line of Credit | 378 | 231 | ||||||
Repayments on Line of Credit | (322 | ) | (432 | ) | ||||
Principal Payments and Retirement of Long-Term Debt | (70 | ) | (208 | ) | ||||
Note Payable to Timberland Venture | — | 783 | ||||||
Acquisition of Treasury Stock | — | (213 | ) | |||||
Net Cash Provided by (Used In) Financing Activities | (82 | ) | 91 | |||||
Increase (Decrease) In Cash and Cash Equivalents | (52 | ) | 194 | |||||
Cash and Cash Equivalents: | ||||||||
Beginning of Period | 351 | 175 | ||||||
End of Period | $ | 299 | $ | 369 | ||||
Non-Cash Investing Activity | ||||||||
Contribution of Timber and Timberlands to Timberland Venture | $ | — | $ | 174 |
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Twelve Months 2009 | Twelve Months 2008 | |||||||
(In Millions) | ||||||||
Revenues: | ||||||||
Northern Resources | $ | 212 | $ | 347 | ||||
Southern Resources | 347 | 461 | ||||||
Real Estate | 486 | 432 | ||||||
Manufacturing | 245 | 405 | ||||||
Other | 18 | 25 | ||||||
Eliminations | (14 | ) | (56 | ) | ||||
Total Revenues | $ | 1,294 | $ | 1,614 | ||||
Operating Income (Loss) | ||||||||
Northern Resources | $ | (3 | ) | $ | 41 | |||
Southern Resources | 81 | 128 | ||||||
Real Estate | 278 | 245 | ||||||
Manufacturing | (23 | ) | (44 | ) | ||||
Other | 17 | 23 | ||||||
Other Costs and Eliminations | (51 | ) | (64 | ) | ||||
Other Operating Income (Expense), net | — | (1 | ) | |||||
Total Operating Income | $ | 299 | $ | 328 | ||||
Plum Creek Timber Company, Inc.
Segment Data
(Unaudited)
Fourth Quarter 2009 | Fourth Quarter 2008 | |||||||
(In Millions) | ||||||||
Revenues: | ||||||||
Northern Resources | $ | 57 | $ | 84 | ||||
Southern Resources | 81 | 95 | ||||||
Real Estate | 67 | 215 | ||||||
Manufacturing | 56 | 75 | ||||||
Other | 4 | 6 | ||||||
Eliminations | (7 | ) | (14 | ) | ||||
Total Revenues | $ | 258 | $ | 461 | ||||
Operating Income (Loss) | ||||||||
Northern Resources | $ | (1 | ) | $ | 8 | |||
Southern Resources | 17 | 25 | ||||||
Real Estate | 44 | 104 | ||||||
Manufacturing | — | (20 | ) | |||||
Other | 4 | 6 | ||||||
Other Costs and Eliminations | (15 | ) | (17 | ) | ||||
Other Operating Income (Expense), net | — | (3 | ) | |||||
Total Operating Income | $ | 49 | $ | 103 | ||||
Plum Creek Timber Company, Inc
Selected Operating Statistics
(Unaudited)
2009 | 2008 | |||||||||||||||||||||||||||||||
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 | $ | 24 | $ | 22 | $ | 22 | $ | 21 | $ | 22 | $ | 29 | $ | 26 | $ | 25 | $ | 26 | $ | 26 | |||||||||||
Pulpwood | $/Ton Stumpage | $ | 11 | $ | 9 | $ | 9 | $ | 10 | $ | 10 | $ | 10 | $ | 10 | $ | 10 | $ | 12 | $ | 10 | |||||||||||
Northern Resources | ||||||||||||||||||||||||||||||||
Sawlog | $/Ton Delivered | $ | 57 | $ | 50 | $ | 56 | $ | 56 | $ | 55 | $ | 67 | $ | 68 | $ | 74 | $ | 68 | $ | 69 | |||||||||||
Pulpwood | $/Ton Delivered | $ | 43 | $ | 38 | $ | 38 | $ | 38 | $ | 40 | $ | 39 | $ | 43 | $ | 45 | $ | 44 | $ | 43 | |||||||||||
Lumber (1) | $/MBF | $ | 374 | $ | 340 | $ | 448 | $ | 477 | $ | 397 | $ | 366 | $ | 367 | $ | 384 | $ | 367 | $ | 371 | |||||||||||
Plywood (1) | $/MSF | $ | 362 | $ | 353 | $ | 361 | $ | 352 | $ | 357 | $ | 398 | $ | 404 | $ | 396 | $ | 382 | $ | 397 | |||||||||||
Fiberboard (1) | $/MSF | $ | 601 | $ | 593 | $ | 596 | $ | 599 | $ | 597 | $ | 591 | $ | 600 | $ | 610 | $ | 625 | $ | 604 | |||||||||||
Sales Volume | ||||||||||||||||||||||||||||||||
Southern Resources | ||||||||||||||||||||||||||||||||
Sawlog | 1,000 Tons | 942 | 1,217 | 1,250 | 993 | 4,402 | 1,459 | 1,666 | 1,425 | 1,020 | 5,570 | |||||||||||||||||||||
Pulpwood | 1,000 Tons | 1,487 | 1,849 | 2,014 | 1,649 | 6,999 | 1,976 | 2,221 | 2,089 | 1,741 | 8,027 | |||||||||||||||||||||
Total Harvest | 2,429 | 3,066 | 3,264 | 2,642 | 11,401 | 3,435 | 3,887 | 3,514 | 2,761 | 13,597 | ||||||||||||||||||||||
Northern Resources | ||||||||||||||||||||||||||||||||
Sawlog | 1,000 Tons | 525 | 371 | 632 | 609 | 2,137 | 978 | 739 | 828 | 821 | 3,366 | |||||||||||||||||||||
Pulpwood | 1,000 Tons | 613 | 397 | 691 | 567 | 2,268 | 738 | 504 | 725 | 649 | 2,616 | |||||||||||||||||||||
Total Harvest | 1,138 | 768 | 1,323 | 1,176 | 4,405 | 1,716 | 1,243 | 1,553 | 1,470 | 5,982 | ||||||||||||||||||||||
Lumber | MBF | 35,123 | 60,371 | 40,590 | 28,428 | 164,512 | 69,596 | 83,477 | 74,100 | 62,660 | 289,833 | |||||||||||||||||||||
Plywood | MSF | 35,439 | 40,729 | 41,479 | 37,271 | 154,918 | 68,746 | 68,616 | 62,112 | 37,509 | 236,983 | |||||||||||||||||||||
Fiberboard | MSF | 34,044 | 32,802 | 34,282 | 30,964 | 132,092 | 58,784 | 63,205 | 44,371 | 31,071 | 197,431 |
(1) | Represents prices at mill level. |
Plum Creek Timber Company, Inc.
Land Sale Statistics
(Unaudited)
2009 | 2008 | |||||||||||||||||||||||||||||
1st Qtr (1) | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr (2) | YTD | |||||||||||||||||||||
Acres Sold | ||||||||||||||||||||||||||||||
Small Non-strategic | 1,665 | 9,840 | 5,545 | 2,570 | 19,620 | 17,145 | 13,215 | 14,800 | 47,125 | 92,285 | ||||||||||||||||||||
Large Non-strategic | — | 59,160 | — | — | 59,160 | — | — | — | — | — | ||||||||||||||||||||
Conservation | 113,355 | 3,895 | 43,695 | 4,910 | 165,855 | 1,015 | 595 | 39,880 | 134,250 | 175,740 | ||||||||||||||||||||
HBU/Recreation | 2,180 | 10,955 | 10,440 | 26,700 | 50,275 | 10,635 | 11,785 | 15,640 | 7,550 | 45,610 | ||||||||||||||||||||
Development Properties | 1,485 | 25 | 515 | 35 | 2,060 | 65 | 700 | 10 | 45 | 820 | ||||||||||||||||||||
Conservation Easements | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||
118,685 | 83,875 | 60,195 | 34,215 | 296,970 | 28,860 | 26,295 | 70,330 | 188,970 | 314,455 | |||||||||||||||||||||
Price per Acre | ||||||||||||||||||||||||||||||
Small Non-strategic | $ | 1,330 | $ | 900 | $ | 970 | $ | 855 | $ | 950 | $ | 1,180 | $ | 1,285 | $ | 1,145 | $ | 745 | $ | 965 | ||||||||||
Large Non-strategic | — | $ | 650 | — | — | $ | 650 | — | — | — | — | — | ||||||||||||||||||
Conservation | $ | 2,225 | $ | 1,705 | $ | 350 | $ | 1,280 | $ | 1,690 | $ | 395 | $ | 1,555 | $ | 1,035 | $ | 1,170 | $ | 1,140 | ||||||||||
HBU/Recreation | $ | 3,420 | $ | 2,200 | $ | 2,115 | $ | 2,200 | $ | 2,235 | $ | 2,875 | $ | 2,740 | $ | 3,220 | $ | 2,965 | $ | 2,975 | ||||||||||
Development Properties | $ | 4,075 | $ | 13,650 | $ | 9,190 | $ | 7,485 | $ | 5,520 | $ | 5,825 | $ | 9,630 | $ | 13,130 | $ | 4,095 | $ | 8,770 | ||||||||||
Conservation Easements | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Revenue, ($ millions) | ||||||||||||||||||||||||||||||
Small Non-strategic | $ | 2 | $ | 9 | $ | 5 | $ | 2 | $ | 19 | $ | 20 | $ | 17 | $ | 17 | $ | 35 | $ | 89 | ||||||||||
Large Non-strategic | — | $ | 38 | — | — | $ | 38 | — | — | — | — | — | ||||||||||||||||||
Conservation | $ | 252 | $ | 7 | $ | 15 | $ | 6 | $ | 280 | — | $ | 1 | $ | 41 | $ | 157 | $ | 200 | |||||||||||
HBU/Recreation | $ | 7 | $ | 24 | $ | 22 | $ | 59 | $ | 112 | $ | 31 | $ | 32 | $ | 50 | $ | 22 | $ | 136 | ||||||||||
Development Properties | $ | 6 | — | $ | 5 | — | $ | 12 | — | $ | 7 | — | — | $ | 7 | |||||||||||||||
Conservation Easements | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
$ | 268 | $ | 78 | $ | 48 | $ | 67 | $ | 461 | $ | 52 | $ | 57 | $ | 108 | $ | 215 | $ | 432 | |||||||||||
Revenue from Non-Cash Exchange(4) | — | — | $ | 25 | — | $ | 25 | — | — | — | — | — | ||||||||||||||||||
Basis of Real Estate Sold(3) | $ | 89 | $ | 29 | $ | 21 | $ | 16 | $ | 155 | $ | 10 | $ | 13 | $ | 26 | $ | 100 | $ | 149 |
(1) | During the 1st quarter of 2009 we sold 112,000 acres in Montana to a conservation buyer for $250 million. The sale is presented as a Conservation sale. The transaction included 56,000 acres of Conservation property, 10,000 acres of Small Non-strategic property, 45,000 acres of HBU/Recreation property, and 1,000 acres of Development property. |
(2) | 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. |
(3) | Includes $16 million in the second quarter of 2009 for a a 59,000 acre Large Non-strategic sale in Wisconsin, $85 million in the first quarter of 2009 for a 112,000 acre conservation sale in Montana and $75 million in the fourth quarter of 2008 for a 130,000 acre conservation sale in Montana. |
(4) | During the 3rd quarter of 2009 we completed a non-cash exchange with the State of Washington. We relinquished 20,600 acres, in King County, in exchange for 37 parcels containing more than 6,000 acres in nine counties. |
PLUM CREEK TIMBER COMPANY, INC.
DEBT MATURITIES SCHEDULE
December 31, 2009
(UNAUDITED)
Borrowings(1) | ||||||||
Principal | Weighted Avg. Interest Rate | |||||||
Quarterly Maturities through 2010: | ||||||||
1st Qtr 2010 | 53 | 5.480 | % | |||||
4th Qtr 2010 | 3 | 8.050 | % | |||||
Annual Maturities through 2014: | ||||||||
2011 | 308 | 7.732 | % | (2 | ) | |||
2012 | 603 | — | (3 | ) | ||||
2013 | 250 | 6.663 | % | (4 | ) | |||
2014 | 3 | 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 $40 million, $3 million, $216 million and $49 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 $3 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 $3 million, $73 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, 2009 | ||
Alabama | 98,000 | |
Arkansas | 766,000 | |
Florida | 590,000 | |
Georgia | 767,000 | |
Louisiana | 461,000 | |
Maine | 884,000 | |
Michigan | 591,000 | |
Mississippi | 665,000 | |
Montana | 972,000 | |
New Hampshire | 33,000 | |
North Carolina | 9,000 | |
Oklahoma | 6,000 | |
Oregon | 429,000 | |
South Carolina | 187,000 | |
Texas | 44,000 | |
Vermont | 86,000 | |
Washington | 102,000 | |
West Virginia | 112,000 | |
Wisconsin | 250,000 | |
Total | 7,052,000 | |