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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
Securities Exchange Act of 1934
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Date of Earliest Event Reported: December 8, 1998
CROWN PACIFIC PARTNERS, L.P.
(Exact name of Registrant as specified in its charter)
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<S> <C> <C>
Delaware 0-24976 93-1161833
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
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121 SW Morrison Street, Suite 1500 97204
Portland, Oregon
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (503) 274-2300
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Item 5. Other Events
On December 8, 1998 Crown Pacific Partners, L.P. announced the
completion of an equity offering of 2,562,443 common units at $21.25 per unit,
as more fully described in the press release filed as Exhibit 99.1 to this
Current Report on Form 8-K.
(c) Exhibits
99.1 Press Release, dated December 8, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
CROWN PACIFIC PARTNERS, L.P.
By: Crown Pacific Management Limited
Partnership, as General Partner
By: /s/ Richard D. Snyder
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Richard D. Snyder
Vice President and Chief
Financial Officer
(Duly Authorized Officer and
Principal Financial and
Accounting Officer)
Date: December 17, 1998
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Exhibit 99.1
Contacts: Financial Inquiries: Media Inquiries:
Mark B. Conan Robert S. (Bob) Hess
Crown Pacific Crown Pacific
(503) 274-2300 (503) 274-2300
CROWN PACIFIC COMPLETES PUBLIC OFFERING OF 2.56 MILLION COMMON UNITS
Portland, Ore. Dec. 8, 1998 Crown Pacific Partners, L.P. (NYSE: CRO) today
announced it has completed an equity offering of 2,562,443 common units at
$21.25 per unit. Included in the offering were 312,443 common units purchased by
general partners Fremont Investors, Inc. and Peter W. Stott, President and CEO
of Crown Pacific
The net proceeds of the offering will be used to repay the company's revolving
acquisition line of credit. Excess proceeds will be used for general business
purposes, including repayment of other indebtedness, future acquisitions,
capital expenditures or working capital.
PaineWebber Incorporated and Salomon Smith Barney Inc. were the joint
book-running managers of this equity offering.
According to Mr. Stott, "This public offering positions Crown Pacific for
continued growth through acquisitions by freeing up our $150 million acquisition
line of credit." Stott added, "Over the past decade, we have completed more than
$1.2 billion of acquisitions that have facilitated our strong growth and
profitability. We look forward to maximizing the value of the investment made by
these new and current unitholders."
Crown Pacific now has 24,103,632 common units outstanding, compared to
21,541,189 common units before the transaction. Crown Pacific also has 5,773,088
subordinated units outstanding.
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Crown Pacific p. 2
A copy of the prospectus may be obtained from PaineWebber Incorporated or from
Salomon Smith Barney Inc.
Forward-Looking Statements
Information contained in this release includes forward-looking statements
including statements regarding the company's intentions or strategies regarding
the future that are not purely historical. Crown Pacific Partners, L.P.'s
business and prospects are subject to a number of risks, including the
volatility of timber and lumber prices, factors limiting harvesting of timber
including contractual obligations, governmental restrictions, weather and access
limitations, as well as the substantial capital expenditures required to supply
its operations.
Additional factors that could affect future performance include environmental
risks, operating risks normally associated with the timber industry,
competition, government regulation, economic changes in the regions where the
company's products or substitute products are sold, including Southeast Asia and
Japan. Other risk factors include the increase in the value of the U.S. dollar
against foreign currencies, and the ability of the Partnership to implement its
business strategy. These and other risks are described in the Partnership's
registration statements and reports filed from time to time on forms 10-K, 8-K,
and 10-Q and reports to unitholders, which are available from the company or the
United States Securities and Exchange Commission.
Crown Pacific Partners, L.P. is a leading integrated forest products company
with extensive timber holdings and conversion facilities located in Oregon,
Washington, Idaho and Montana, and marketing and sales offices located in
Oregon, Arizona, Utah and California. Additional information and news releases
may be obtained from Crown Pacific's Internet page at HYPERLINK
http://www.crownpacificpartners.com www.crownpacificpartners.com or by calling
the partnership directly at (888) NYSE CRO (697-3276).
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