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PLUM CREEK TIMBER CO., L.P. REDEEMS DEFERRED PARTICIPATION INTERESTS

 SEATTLE, Aug. 24 /PRNewswire/ -- Plum Creek Timber Co., L.P., (NYSE: PCL) announced today that it will redeem the outstanding 1,250,000 Deferred Participation Interests (DPIs) for a price of $49.50 per DPI.
 The DPIs are a special class of limited partner interests, whose principal differences from the Partnership's currently outstanding and publicly traded 13,536,100 units are that, until after June 30, 1994, they do not receive cash distributions or regular taxable income allocations, and are not freely tradable.
 The redemption was authorized at a Special Meeting of Unitholders held on Aug. 12, 1993. The independent Conflicts Committee of the board of directors negotiated the purchase price with the holder of the DPIs. This transaction is expected to close on Aug. 30, 1993.
 Plum Creek is an integrated forest products company with timberlands and mills located in the Pacific Northwest.
 -0- 8/24/93
 /CONTACT: Shelley Monfor, of Plum Creek Timber Co., L.P., 206-467-3613/
 (PCL)


CO: Plum Creek Timber Co., L.P. ST: Washington IN: PAP SU:

JH-CO -- SE003 -- 5325 08/24/93 08:57 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
Words:181
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