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>Date: Mon, 20 Jul 1998 19:56:49 -0800
>To: Headwaters Forest Coordinating Council <HFCC@lists.sanmateo.org>
>From: Mark Bult <mark@enews.org>
>Subject: Maxxam news
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>Monday, July 20 12:41 PM ET
>
>MAXXAM Units to Issue Notices of Redemption On Securities
>
>HOUSTON (BUSINESS WIRE) - MAXXAM Inc. (ASE:MXM) said today that it has
>prepaid all of the outstanding $309.2 million principal amount of the 7.95%
>Timber Collateralized Notes of Scotia Pacific Holding Company. MAXXAM also
>said that other issues of debt securities of its forest products operations
>will be redeemed.
>
>To be redeemed are (i) all the outstanding $235.0 million principal amount
>of the 10 1/2% Senior Notes of The Pacific Lumber Company, and (ii) all the
>outstanding $100.0 million principal amount of the 11 1/4% Senior Secured
>Notes and all the outstanding $125.7 million principal amount of the 12
>1/4% Senior Secured Discount Notes of MAXXAM Group Inc. (MGI). The
>redemption date for the issues will be August 19, 1998.
>
>The applicable redemption prices are 103.0% for the Pacific Lumber Senior
>Notes, 105.5% for the MGI Senior Secured Notes, and 106.125% for the MGI
>Senior Secured Discount Notes. Accrued interest will be paid up to the
>redemption date on each security.
>
>The trustee for each of the issues, State Street Bank and Trust Company, is
>today mailing notices of redemption to holders of the notes.
>
>MAXXAM operates primarily in three industries: aluminum, forest products,
>and real estate.
>
>Contact: MAXXAM Inc., Houston Robert W. Irelan, 713/267-3722
>
>
>
>
>
David M. Walsh
P.O. Box 903
Redway, CA 95560
Office and Fax(707) 923-3015
Home (707) 986-1644


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