Weyerhaeuser gets $600 million 18-month term loan with Scotiabank

By Susanna Moon

Chicago, Feb. 24 – Weyerhaeuser Co. obtained a $600 million 18-month senior unsecured term loan on Monday with Bank of Nova Scotia as lender, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loan will be Libor plus 105 basis points to 150 bps based on the company’s credit rating.

Proceeds will be used for general corporate purposes, which may include share repurchases.

The loan covenants require the company to maintain a minimum defined net worth of $3 billion, a defined debt to total capital ratio of 65% or less and ownership of, or long-term leases on, no less than four million acres of timberlands.

Weyerhaeuser is a timber company based in Federal Way, Wash.

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