BOISE, Idaho, Feb. 4 /PRNewswire/ -- Boise Cascade, LLC, today completed
the sale of approximately 2.2 million acres of timberland located in Idaho,
Oregon, Washington, Alabama, Louisiana, and Minnesota to Forest Capital
Partners, LLC, of Boston, Massachusetts, for $1.65 billion in cash. Proceeds
from the sale will be used to reduce Boise's outstanding debt. Under Forest
Capital's ownership, the forests will continue to be managed in accordance
with the Sustainable Forestry Initiative(R).
As part of the transaction, Boise has also entered into a number of
long-term agreements with Forest Capital for the continued supply of fiber to
Boise's pulp and paper mills and wood products manufacturing facilities.
"The cash received from this sale will be used to substantially lower our
debt, strengthen our balance sheet, and allow us to focus on our paper, wood
products, and distribution businesses," said Tom Stephens, CEO of Boise. "We
will continue to work closely with Forest Capital to successfully transition
the management of these timberland properties and look forward to having them
as a key supplier to our manufacturing facilities."
"These timberlands represent an outstanding combination of quality and
diversification, with a legacy of strong management by Boise," said Scott
Jones and Matt Donegan, co-presidents of Forest Capital. "We are looking
forward to a successful, long-term relationship with Boise."
About Boise
Boise Cascade, LLC, headquartered in Boise, Idaho, provides products and
services to help customers work more efficiently, build more effectively, and
create new ways to meet business challenges. We manufacture engineered wood
products, plywood, lumber, and particleboard. We also manufacture office,
specialty, and premium papers; newsprint; containerboard and corrugated boxes;
and market pulp. Visit our website at http://www.bc.com .
About Forest Capital Partners, LLC
Forest Capital Partners is an independent investment firm with
headquarters in Boston, Massachusetts, that acquires and manages large-scale,
investment-grade forests. Forest Capital's focus is to create investment
value through expert long-term forestry and progressive forest stewardship.
Visit the Forest Capital website at http://www.forestcap.com .
SOURCE Boise Cascade, LLC
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Related links:
http://www.bc.com
http://www.forestcap.com
CONTACT:
Michael Moser of Boise Cascade, LLC,
+1-208-384-6016, or cell, +1-208-867-4346
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