Item 8.01. Other Events
On August 31, 2020, Weyerhaeuser Company (the "Company") entered into a Purchase
and Sale Agreement (the "Purchase Agreement") among the Company, Weyerhaeuser NR
Company, a wholly owned subsidiary of the Company ("WNR") and Nestucca Forests
LLC (the "Seller"), a Delaware limited liability company managed by Hancock
Natural Resource Group, Inc., a timberland investment management organization
("Hancock"). Pursuant to the terms of the Purchase Agreement, the Company has
agreed to purchase from Seller approximately 85,000 acres of mid-coastal Oregon
timberlands for the purchase price of $426 million.
The Purchase Agreement contains standard representations and warranties made by
both parties, purchase price adjustments for title impairments, property damage,
disclosure modifications and environmental carveouts, closing conditions
customary for a transaction of this nature, as well as mutual termination
provisions under specified circumstances. Assuming all closing conditions are
satisfied, the Company expects that the acquisition will close in the fourth
quarter of 2020. There are no inventory or financing contingencies.
On August 31, 2020, the Company entered into a Purchase and Sale Agreement (the
"Sale Agreement") among the Company, WNR and Hancock ("Buyer"). Pursuant to the
terms of the Sale Agreement, the Company and WNR have agreed to sell to the
Buyer approximately 149,000 acres of southern Oregon timberlands for the sale
price of approximately $385 million.
The Sale Agreement contains standard representations and warranties made by both
parties, purchase price adjustments for title impairments, property damage,
disclosure modifications and environmental carveouts, closing conditions
customary for a transaction of this nature, as well as mutual termination
provisions under specified circumstances. Assuming all closing conditions are
satisfied, the Company expects that the sale will close in the fourth quarter of
2020. There are no inventory or financing contingencies.
The respective obligations of the parties to the two purchase and sale
agreements described in this report, including the respective obligations of the
parties to close the transactions contemplated by the agreements, are not
contingent on one another.
FORWARD LOOKING STATEMENTS
This report contains statements concerning the acquisition and sale of certain
timberlands in Oregon that are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934.
These statements, which can be identified by use of words such as "expects" and
"will" and similar words and terms and phrases using such terms and words. We
may reference expected performance through, or events to occur by or at, a
future date, and such references may also constitute forward-looking statements
as well as other references to expected performance through, or events to occur
by or at, a future date, and such references may also constitute forward-looking
statements. Forward looking statements are based on the Company's and its
management's current expectations and assumptions and are not guarantees that
the events described in the statements will occur within the time frame
indicated, or at all. The accuracy of the Company's and its management's
expectations and assumptions is subject to a number of risks and uncertainties
that could cause actual events to differ materially from those described in the
forward-looking statements. These risks and uncertainties include, but are not
limited to, those identified in our 2019 Annual Report on Form 10-K, as well as
those set forth from time to time in our other public statements, reports,
registration statements, prospectuses, information statements and other filings
with the SEC. In addition, Weyerhaeuser may not be able to complete one or
either of the transactions described in this report within the stated time
period, or at all, because of a number of factors, including without limitation:
the occurrence of any event, change or other circumstances that could give rise
to a termination of the transaction under the terms of one or both of the
purchase and sale agreements governing the transactions, or the failure to
satisfy other closing conditions. There is no guarantee that any of the events
anticipated by these forward-looking statements will occur. If any of the events
do occur, there is no guarantee what effect they will have on the company's
business, results of operations, cash flows, financial condition and future
prospects. Forward-looking statements speak only as of the date they are made,
and neither the Company nor its management undertakes any obligation to publicly
update or revise any forward-looking statements, whether because of new
information, future events, or otherwise.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
99.1 Press release of Weyerhaeuser Company issued on September 1, 2020
announcing timberland transactions in Oregon.
104 Cover page interactive data file (embedded within the inline XBRL
document).
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