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Boise sells timberlands to FCP

For a hefty sum of $1.65 billion in cash, Boise Cascade LLC is selling roughly 2.2 million acres of timberland to F…

For a hefty sum of $1.65 billion in cash, Boise Cascade LLC is selling roughly 2.2 million acres of timberland to Forest Capital Partners LLC. The land is located across the Pacific Northwest in Louisiana, AL and Minnesota.

As part of the transaction, Boise will enter into several long-term fibre supply agreements with Forest Capital, which will guarantee the long-term supply of fibre to its pulp and paper mills and wood products manufacturing facilities.

The deal is anticipated to close in the first quarter of 2005. Boise intends to use proceeds from the sale to reduce its debt.