Weyerhaeuser to repay term loan borrowings via pulp mill sale proceeds

By Tali Rackner

Norfolk, Va., May 2 – Weyerhaeuser Co. plans to use the proceeds from its sale of its Cellulose Fibers pulp mills to repay term loans issued in conjunction with its previously announced $2.5 billion share repurchase program, according to a press release.

The $2.2 billion cash sale includes five pulp mills located in Columbus, Miss.; Flint River, Ga.; New Bern, N.C., Port Wentworth, Ga. and Grande Prairie, Alta., with a combined total capacity of nearly 1.9 million metric tons. The sale also includes two modified fiber mills in Columbus, Miss., and Gdansk, Poland.

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

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