Key Developments: Weyerhaeuser Co (WY.N)

WY.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Weyerhaeuser Co Announces Pricing of Public Offering of Common Shares
Tuesday, 18 Jun 2013 11:44pm EDT 

Weyerhaeuser Co announced the pricing of the public offering of 29,000,000 common shares at $27.75 per share. Weyerhaeuser raised approximately $805 million of gross proceeds from the offering. In addition, the underwriters of the offering have an option to purchase up to an additional 4,350,000 common shares. The net proceeds will be used as partial consideration to finance the previously announced acquisition of all of the equity interest in Longview Timber LLC. The offering is expected to close on June 24, 2013, subject to customary closing conditions. Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. are the joint book-running managers on the offering.  Full Article

Weyerhaeuser Co Announces Pricing of Public Offering of Mandatory Convertible Preference Shares
Tuesday, 18 Jun 2013 11:39pm EDT 

Weyerhaeuser Co announced the pricing of the public offering of 12,000,000 6.375% Mandatory Convertible Preference Shares, Series A at $50.00 per share. In addition, the underwriters of the offering have an option to purchase up to an additional 1,800,000 shares of the Mandatory Convertible Preference Shares. The offering is expected to close on June 24, 2013. Unless converted or redeemed earlier, each Mandatory Convertible Preference Share will convert automatically on July 1, 2016, into between 1.5015 and 1.8018 of our common shares, subject to anti-dilution and other adjustments. The number of our common shares issuable on conversion will be determined based on the average VWAP of our common shares over the 20 trading day period commencing on and including the 22nd scheduled trading day prior to the mandatory conversion date. Dividends on the Mandatory Convertible Preference Shares will be payable on a cumulative basis when, as and if declared by our board of directors, at an annual rate of 6.375% on the liquidation preference of $50.00 per share. The Company intends to use the net proceeds of the offering, if completed, as partial consideration, to finance the previously announced acquisition of all of the equity interests in Longview Timber LLC. Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. are the joint book-running managers on the offering.  Full Article

Weyerhaeuser Co Announces Public Offering Of 28,000,000 Of Common Shares
Monday, 17 Jun 2013 06:40am EDT 

Weyerhaeuser Co announced that it intends to offer, subject to market and other conditions, 28,000,000 of its common shares in a registered public offering, subject to market and other customary conditions. The Company intends to use the net proceeds of the offering, if completed, as partial consideration, to finance the previously announced acquisition of all of the equity interests in Longview Timber LLC. The Company intends to grant the underwriters of the offering the option to purchase up to an additional 4,200,000 of its common shares. Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. are the joint book-running managers on the offering.  Full Article

Weyerhaeuser Co Announces Public Offering Of 10,000,000 Mandatory Convertible Preference Shares
Monday, 17 Jun 2013 06:35am EDT 

Weyerhaeuser Co announced that it intends to offer 10,000,000 of its Mandatory Convertible Preference Shares, Series A in a registered public offering, subject to market and other customary conditions. The offering price is expected to be $50.00 per share. The Company intends to grant the underwriters of the offering the option to purchase up to an additional 1,500,000 of its Mandatory Convertible Preference Shares. Unless converted earlier, each Mandatory Convertible Preference Shares will convert automatically into a variable number of shares of the Company's common stock on July 1, 2016. The conversion rate will be determined by the price of the Company's common shares on that date. The Company intends to use the net proceeds of the offering, if completed, as partial consideration, to finance the previously announced acquisition of all of the equity interests in Longview Timber LLC. Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. are the joint book-running managers on the offering.  Full Article

Weyerhaeuser Co Announces Acquisition Of Longview Timber LLC-Form 8-K
Sunday, 16 Jun 2013 08:00pm EDT 

Weyerhaeuser Co reported in its Form 8-K that on June 14, 2013, Weyerhaeuser Company (Weyerhaeuser or the Company) entered into a Stock Purchase Agreement with Longview Timber Holdings, Corp. (Longview Holdings) and certain of its security holders. Pursuant to the Purchase Agreement and other related agreements, the Company will acquire, with cash, all of the equity interests in Longview Timber LLC (Longview Timber) for an aggregate purchase price of $2.65 billion, which amount includes the assumption of Longview Timber’s debt and is subject to adjustment based on Longview Timber’s net working capital and net cash at closing in accordance with the terms of the Purchase Agreement. Longview Timber is a privately-held Delaware limited liability company engaged in the ownership and management of approximately 645,000 acres of timberlands primarily in Oregon (approximately 333,000 acres) and Washington (approximately 312,000 acres). The closing of the Acquisition is subject to the receipt of certain third party consents and the satisfaction or waiver of various customary closing conditions. The Company expects the closing of the Acquisition to occur in July 2013, subject to the satisfaction of closing conditions. The Company expects to finance the purchase price for the Acquisition with cash and a combination of new equity, equity-linked and debt securities.  Full Article

Weyerhaeuser Co Appoints Doyle Simons As President And CEO
Sunday, 16 Jun 2013 01:02pm EDT 

Weyerhaeuser Co announced its Board of Directors has elected Doyle Simons, President and Chief Executive Officer, effective August 1, 2013. He will be engaged as CEO Elect effective immediately. Simons succeeds Dan Fulton, who turns 65 this year and will be retiring as planned. Effective August 1, 2013, Fulton will serve as Executive Vice Chairman of the Weyerhaeuser Board of Directors until his retirement in October 2013.  Full Article

Weyerhaeuser Co To Explore Strategic Alternatives For WRECO
Sunday, 16 Jun 2013 01:01pm EDT 

Weyerhaeuser Co announced that its Board of Directors has authorized the exploration of strategic alternatives with respect to Weyerhaeuser Real Estate Company (WRECO), Weyerhaeuser's homebuilding and real estate development business. The board intends to consider a broad range of alternatives including, but not limited to, continuing to hold and operate WRECO, or a merger, sale or spin-off of the business. The Company noted that there can be no assurance that the board's evaluation process will result in any transaction, or that any transaction, if pursued, will be consummated. The Company does not intend to provide any additional information unless or until the evaluation process is completed or terminated.  Full Article

Weyerhaeuser Co Signs Definitive Stock Purchase Agreement To Acquire Longview Timber LLC; Increases Quarterly Dividend; Arranges Financing
Sunday, 16 Jun 2013 01:00pm EDT 

Weyerhaeuser Co announced it has a signed definitive stock purchase agreement to acquire Longview Timber LLC from affiliates of Brookfield Asset Management Inc. for $2.65 billion, which includes the assumption of debt. The transaction is subject to the satisfaction of customary closing conditions and is expected to close in July 2013. The Company is acquiring approximately 645,000 acres of timberlands in Washington and Oregon that are complementary and contiguous with the Company's existing acreage. This transaction will expand Weyerhaeuser's timber holdings in the Pacific Northwest by 33% to approximately 2.6 million acres and increase the total amount of U.S. timberlands it owns or controls to approximately 6.6 million acres. The Company expects to reach annual synergies of approximately $20 million within two years of closing. Upon closing, Weyerhaeuser expects the acquisition to be immediately accretive to the Company's funds available for distribution per share. In conjunction with and subject to the completion of the acquisition, the Company intends to increase its quarterly dividend from $0.20 per share to $0.22 per share beginning with the third quarter dividend, payable in September 2013. In conjunction with this transaction, Weyerhaeuser intends to raise approximately $2.45 billion in a combination of debt and equity. The Company has a committed senior unsecured bridge facility from Morgan Stanley.  Full Article

Weyerhaeuser Co Announces 18% Dividend Increase
Thursday, 11 Apr 2013 04:30pm EDT 

Weyerhaeuser Co announced that its board of directors has authorized an 18% increase in the Company's regular quarterly cash dividend, from $0.17 per share to $0.20 per share. The board declared a dividend of $0.20 per share on the common stock of the corporation, payable May 31, 2013, to shareholders of record at the close of business May 10, 2013.  Full Article

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