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POPE RESOURCES REFINANCES LONG-TERM DEBT

 POPE RESOURCES REFINANCES LONG-TERM DEBT
 POULSBO, Wash., May 4 /PRNewswire/ -- Pope Resources


(NASDAQ: POPEZ) announced today it has obtained long-term debt financing of $16 million from John Hancock Mutual Life Insurance Co. The 30-year timber mortgage was obtained at 9.65-percent interest, replacing a prior timber loan financed at 12.25-percent interest by Travelers. The new financing also pays down approximately $12 million on the company's revolving line of credit.
 "This new loan affirms our long-range investment in tree farming," explained George Folquet, president and chief executive officer. "It also provides the financial flexibility to pursue other opportunities that build on our existing business activities."
 Pope Resources, a Delaware-based master limited partnership, owns 72,000 acres of timberland and development property in the Puget Sound area of Washington state.
 -0- 5/4/92
 /CONTACT: George H. Folquet of Pope Resources, 206-697-6626/
 (POPEZ) CO: Pope Resources ST: Washington IN: PAP SU:


SC-LM -- SE002 -- 5860 05/04/92 09:07 EDT
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Publication:PR Newswire
Date:May 4, 1992
Words:159
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