Moody's gives Weyerhaeuser notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Weyerhaeuser Co.'s proposed $500 million senior unsecured notes due 2023.

The notes will be unsecured senior obligations of Weyerhaeuser and will rank equally with the company's existing unsecured senior indebtedness.

Weyerhaeuser intends to use the proceeds from the offering in conjunction with a new unrated $550 million term loan to repay Longview Timber Holdings LLC's existing debt. Weyerhaeuser acquired Longview Timber in July.

Moody's said Weyerhaeuser's Baa3 senior unsecured rating is primarily driven by the company's extensive timberland holdings which provide both debt reduction capability and liquidity. The rating also reflects the company's scale and leading market position in timberlands, wood products and market pulp.

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