(Last updated 7:20 PM ET January 28)
Scotia Pacific Company LLC Extends Exchange Offer
HOUSTON (BUSINESS WIRE) -- Scotia Pacific Company LLC, a subsidiary of
MAXXAM Inc. (ASE:MXM), announced that it has extended its exchange offer
for three classes of timber collateralized notes aggregating $867,248,000
in principal amount. The exchange offer was to expire on Thursday, January
28, 1999, at 5 p.m. New York City time. The new expiration date for the
exchange offer is Thursday, February 11, 1999, at 5 p.m. New York City time.
To be exchanged for a like principal amount of similar notes registered
under the Securities Act of 1933 are three classes of timber collateralized
notes that were privately sold to qualified institutional buyers on July
20, 1998. These notes are:
-- $160,700,000 principal amount of Class A-1 Timber
Notes due 2028; -- $243,200,000 principal amount of Class A-2 Timber
Notes due 2028; and -- $463,348,000 principal amount of Class A-3 Timber
Notes due 2028.
All of these notes have been tendered by the note holders for exchange.
However, the company is extending the exchange offer so that it can apprise
the note holders through supplemental disclosure of the status of the
MAXXAM operates primarily in three areas: aluminum, forest products,
and real estate.
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