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EXISTING DEBT OF PACIFIC LUMBER CALLED FOR REDEMPTION; SALE OF NEW DEBT CONSUMMATED

 HOUSTON, March 23 /PRNewswire/ -- The Pacific Lumber Co. said today that all of its 12-percent Series A Senior Notes, 12.2-percent Series B Senior Notes, and 12.5-percent Senior Subordinated Debentures will be redeemed on April 7, 1993.
 The redemption price for the Series A and Series B Notes is 101.7 percent of the principal amount plus accrued interest to but not including April 7, 1993. The redemption price for the Debentures is 101.8 percent of the principal amount plus accrued interest to but not including April 7, 1993.
 To facilitate payment, notice of the redemptions together with instructions for delivery have been sent to holders of record of the Series A and B Notes and the Debentures.
 In a related matter, Pacific Lumber said today that it has consummated the sale of $235 million principal amount of 10-1/2-percent Senior Notes Due 2003 and that its subsidiary, Scotia Pacific Holding Co., has consummated the sale of $385 million principal amount of 7.95-percent Timber Collateralized Notes.
 The Pacific Lumber Co. is a major producer of redwood and Douglas r? lumber. It is an indirect, wholly owned subsidiary of MAXXAM Inc. (AMEX: MXM).
 -0- 3/23/93
 /CONTACT: Scott Lamb of MAXXAM, 713-267-3826/
 (MXM)


CO: Pacific Lumber Co.; MAXXAM Inc.; Scotia Pacific Holding Co. ST: Texas IN: PAP SU:

TM -- SF005 -- 8709 03/23/93 13:45 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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