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Longview Fibre calls senior notes
New York, Nov. 30 - Longview Fibre Co. said it has called all its $124.5 million principal amount of notes for redemption on Dec. 30.
The notes have interest rates ranging from 7.52% to 8.83%, apart from $5 million that are floaters, and maturity dates from 2006 to 2010.
Longview will pay par plus accrued interest along with a make-whole premium that will be fixed two days before the redemption. The company expects the premium will be about $4.5 million.
Funding for the redemption will come from a new $400 million senior secured credit facility that will also be used to repay borrowings under Longview's existing bank agreement.
The refinancing is part of a planned conversion of the Longview, Wash., paper manufacturer and timber owner to a real estate investment trust.
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