Weyerhaeuser upsizes with $1.5 billion five-year revolver

By Wendy Van Sickle

Columbus, Ohio, March 10 – Weyerhaeuser Co. entered into a $1.5 billion five-year senior unsecured revolving credit facility agreement on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Interest will be Libor plus a margin of 91 basis points to 125 bps, and the facility fee will range from 9 bps to 25 bps, depending on the company’s debt ratings.

JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, MUFG, Bank of America Merrill Lynch, U.S. Bank NA, Bank of Nova Scotia, PNC Capital Markets LLC, Rabobank UA, New York Branch and Branch Banking and Trust Co. acted as joint lead arrangers and bookrunners.

MUFG is syndication agent; and Bank of America, U.S. Bank NA, Bank of Nova Scotia, PNC, Rabobank and Branch Banking and trust are co-documentation agents. JPMorgan Chase and Wells Fargo Bank, NA are co-administrative agents.

Proceeds will be used for general corporate purposes.

The agreement matures in March of 2018. It replaces the company’s $1 billion revolver dated Sept. 11, 2013 with JPMorgan Chase as administrative agent that was due to expire in September 2018.

The agreement requires Weyerhaeuser to maintain a minimum defined net worth of $3 billion, a debt to total capital ratio of 65% or less and ownership of, or long-term leases on, no less than 4 million acres of timberlands.

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

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