Borrowings

6 Months Ended

Jun. 30, 2011

PLUM CREEK TIMBER CO INC [Member]

Debt consisted of the following (in millions):



	June 30, 2011		December 31, 2010
Variable Rate Debt
Term Credit Agreement ^(A)	$	350	$	350
Revolving Line of Credit ^(B)	227		166
Fixed Rate Debt
Senior Notes	1,338		1,387
Note Payable to Timberland Venture	783		783
Total Debt	2,698		2,686
Less:
Current Portion of Long-Term Debt	395		94
Line of Credit	227		166
Long-Term Portion	$	2,076	$	2,426


(A)	As of June 30, 2011, the interest rate on the $350 million term credit agreement was 0.57%. This agreement matures June 15, 2012.


(B)	As of June 30, 2011, the weighted-average interest rate for the borrowings on the line of credit was 1.65%. As of June 30, 2011, we had $227 million of borrowings and $3 million of standby letters of credit outstanding; $370 million remained available for borrowing under our $600 million line of credit. As of July 1, 2011, all of the borrowings outstanding under our line of credit were repaid.

PLUM CREEK TIMBERLANDS L P [Member]

Borrowings

Debt consisted of the following (in millions):



	June 30, 2011		December 31, 2010
Variable Rate Debt
Term Credit Agreement ^(A)	$	350	$	350
Revolving Line of Credit ^(B)	227		166
Fixed Rate Debt
Senior Notes	1,338		1,387
Total Debt	1,915		1,903
Less:
Current Portion of Long-Term Debt	395		94
Line of Credit	227		166
Long-Term Portion	$	1,293	$	1,643


(A)	As of June 30, 2011, the interest rate on the $350 million term credit agreement was 0.57%. This agreement matures June 15, 2012.


(B)	As of June 30, 2011, the weighted-average interest rate for the borrowings on the line of credit was 1.65%. As of June 30, 2011, we had $227 million of borrowings and $3 million of standby letters of credit outstanding; $370 million remained available for borrowing under our $600 million line of credit. As of July 1, 2011,

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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