TimberWest Forest Completes Offering

On October 1, 2002, TimberWest Forest Corp. completed a public offering in Canada of $130 million aggregate principal amount of 7 per cent senior debentures due 2007, qualified under a short-form prospectus. The debentures are unsecured, but guaranteed by certain subsidiaries and rank senior to the subordinated notes forming part of TimberWest’s, publicly-traded stapled units. The debentures are split-rated. Headquartered in Vancouver, TimberWest is the largest owner of private forest lands in Western Canada.

The offering was underwritten by a syndicate of underwriters led by Merrill Lynch Canada Inc., and including BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc. and HSBC Securities (Canada) Inc.

McCarthy Tétrault LLP acted for TimberWest, with a team comprised of Richard Balfour, Byran Gibson, Michael Urbani, Darren Watt and Ed Kroft (tax) in Vancouver and Steven Baum (tax) in Toronto.

Bull, Housser & Tupper acted for the underwriters, with a team that included Marion Shaw, Joanna Cameron, Melanie Cheesman and Alan Robertson (tax).