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PORTLAND-With plans to use the proceeds to pay off bank debt, Pope & Talbot says it will offer up to $50 million of senior notes due 2013 on terms substantially identical to its existing 8 3/8% Debentures due 2013.

Pope & Talbot, Inc. is engaged principally in the pulp and wood products businesses. Approximately 80% of Pope & Talbot’s lumber capacity is located in British Columbia, Canada.

The notes will be sold through a Rule 144A offering to qualified institutional buyers in the United States and to non-U.S. persons outside the United States. The offering is expected to close in late July.

If the offering is completed, Pope & Talbot says it will agree to make an offer to exchange the notes as well as its existing 8 3/8% Debentures for registered, publicly tradable notes on substantially identical terms.

During the first quarter, the company increased it net loss by 94% to $5.8 million on an 8% increase in revenue to revenues to $125.5 million. The company says the results reflected higher lumber sales volumes and higher average sales prices that were offset by lower margins on pulp sales.

Pope & Talbot’s share price hit a 52-week high of $19.10 per share on July 8 before falling more than 8% over the past week. The company’s share price ended Friday at $17.10.

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