KLAMATH FALLS, Ore., Dec. 11 /PRNewswire/ -- U.S. Timberlands Company,
L.P. (Nasdaq: TIMBZ) today announced that the underwriters of the Company's
initial public offering exercised, in full, their over-allotment option
covering 1,118,803 common units at the initial public offering price of
$21.00 per share. The offering of these additional units brings the total
offered to the public to 8,577,487 common units. Smith Barney Inc. was the
lead managing underwriter, with Deutsche Morgan Grenfell, A.G. Edwards & Sons,
Inc., PaineWebber Incorporated and Prudential Securities Incorporated as
co-managers.
The Company owns approximately 630,000 fee acres of timberland and cutting
rights on approximately 3,000 acres of timberland containing total
merchantable timber volume estimated as of January 1, 1997 to be approximately
2.2 billion board feet in Oregon east of the Cascade Range. U.S. Timberlands
specializes in the growing of trees and the sale of logs and standing timber.
Logs harvested from the timberlands are sold to unaffiliated domestic
conversion facilities. These logs are processed for sale as lumber, plywood
and other wood products, primarily for the use in new residential home
construction, home remodeling and repair and general industrial applications.
The Company also owns and operates its own seed orchard and produces
approximately five million conifer seedlings annually from its nursery,
approximately half of which are used for its own internal reforestation
programs, with the balance sold to other forest products companies.
Copies of the final prospectus related to the offering may be obtained
from Smith Barney Inc., 388 Greenwich Street, New York, New York 10013,
212-816-6010. Any offering shall be made only by means of a final prospectus.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale in any state in which such
offer, solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.
SOURCE U.S. Timberlands Company, L.P.
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CONTACT:
John M. Rudey, 212-755-1100, or Michael J.
Morgan, 541-884-2240, both of U.S. Timberlands Company, L.P.; or
Stefanie King of Edelman Financial, 212-704-8291 for U.S.
Timberlands Company
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