[Include the
following legend (the “DTC Legend”) only in Global
Securities] THIS NOTE IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED
IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND,
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR INDIVIDUAL
NOTES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.
[Include the
following legend (the “DTC Legend”) only in Global
Securities] UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE ISSUER (AS DEFINED
BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.
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No. R-1
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Principal Amount: $
· ,000,000
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CUSIP No.
962166 BV5
ISIN No.
US962166BV52
WEYERHAEUSER COMPANY
7.375% Note due 2019
WEYERHAEUSER COMPANY, a Washington corporation
(the “Issuer,” which term includes any successor
thereto under the Indenture referred to below), for value received,
hereby promises to pay to · [For inclusion in Global Securities - Cede
& Co.] , or registered assigns, at the office or agency of
the Issuer maintained for such purpose in the Borough of Manhattan,
The City of New York, the principal sum of · Dollars ($ · ,000,000) on October 1, 2019, in such coin or
currency of the United States of America as at the time of payment
shall be legal tender for the payment of public and private debts,
and to pay interest, semiannually in arrears on April 1 and October
1 of each year (each, an “Interest Payment Date”),
commencing April 1, 2010, and at final maturity on said principal
sum at said office or agency, in like coin or currency, at the rate
of 7.375% per annum from the Interest Payment Date next preceding
the date of this Note to which interest has been paid or duly
provided for, unless the date hereof is a date to which interest
has been paid or duly provided for, in which case from the date of
this Note, or unless no interest has been paid or duly provided for
on these Notes, in which case from October 1, 2009, until
payment of said principal sum has been made or duly provided for;
provided that, if this Note is not a Global Security, payment of
interest will be made against presentation of this Note at the
office or agency of the Issuer maintained for such purpose in the
Borough of Manhattan, The City of New York (and the offices or
agencies of the Issuer maintained for such purpose in any such
other locations, if any, as the Issuer may from time to time elect)
or, at the option of the Issuer, by check mailed to the address of
the Person entitled thereto as such address shall appear on the
Security register; and provided, further, that if this Note is a
Global Security registered in the name of a Depositary or its
nominee, payment of interest shall be made to the Depositary or its
nominee, as the case may be, in accordance with the
Depositary’s procedures as in effect from time to
time. Notwithstanding the foregoing, if the date hereof
is after March 15 or September 15 (each, a “Regular Record
Date”), as the case may be, and before the following Interest
Payment Date, this Note shall bear interest from such Interest
Payment Date; provided , that if the Issuer shall default in
the payment of interest due on such Interest Payment Date, then
this Note shall bear interest from the next preceding Interest
Payment Date to which interest has been paid or duly provided for
or, if no interest has been paid or duly provided for on these
Notes, from October 1, 2009; and provided, further , that,
notwithstanding the foregoing provisions of this sentence, if no
interest has been paid or duly provided for on these Notes, then
this Note shall bear interest from October 1,
2009. The interest so payable on any Interest Payment
Date will, subject to certain exceptions provided in the Indenture
referred to below, be paid to the Person in whose name this Note is
registered at the close of business on the Regular Record Date next
preceding such Interest Payment Date. Interest on this
Note shall be calculated on the basis of a 360-day year consisting
of twelve 30-day months.
This Note is one of a duly authorized issue of
Securities of the Issuer issued under and pursuant to an Indenture
dated as of April 1, 1986 (the “Original
Indenture”), as amended and supplemented by a First
Supplemental Indenture thereto dated as of February 15, 1991
(the “First Supplemental Indenture”), a Second
Supplemental Indenture thereto dated as of February 1, 1993
(the “Second Supplemental Indenture”), a Third
Supplemental Indenture thereto dated as of October 22, 2001
(the “Third Supplemental Indenture”) and a Fourth
Supplemental Indenture thereto dated as of March 12, 2002 (the
“Fourth Supplemental Indenture;” the Original
Indenture, as amended and supplemented by the First Supplemental
Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture and any
other indentures supplemental thereto, is hereinafter called the
“Indenture”), each between the Issuer and The Bank of
New York Mellon Trust Company, N.A. (formerly known as The Bank of
New York Trust Company, N.A.), as successor trustee (herein called
the “Trustee”, which term includes any successor
trustee under the Indenture) to JPMorgan Chase Bank (formerly known
as The Chase Manhattan Bank and Chemical Bank), to which Indenture
and all indentures supplemental thereto reference is hereby made
for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the
Issuer and the Holders of the Securities. The Securities may be
issued in one or more series, which different series may be issued
in various aggregate principal amounts, may mature at different
times, may bear interest (if any) at different rates, may be
subject to different redemption provisions (if any), may be subject
to different sinking, purchase or analogous funds (if any) and may
otherwise vary as in the Indenture provided. This Note is one of
the series of Securities designated on the face hereof (the
“Notes”).
The Notes may be redeemed, in whole or from time
to time in part, at the option of the Issuer on any date at a
redemption price equal to the greater of:
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100% of the
principal amount of the Notes to be redeemed, and
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the sum of the
present values of the remaining scheduled payments of principal and
interest on the Notes to be redeemed (exclusive of interest accrued
to the applicable Redemption Date) discounted to that Redemption
Date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 50 basis
points,
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plus, in the
case of both clause (1) and clause (2) above, accrued and
unpaid interest on the principal amount of the Notes being redeemed
to such Redemption Date; provided , however , that
payments of interest on the Notes that are due and payable on or
prior to a date fixed for redemption of Notes will be payable to
the Holders of those Notes registered as such at the close of
business on the relevant record dates according to their terms and
the terms and provisions of the Indenture. Any such
redemption shall be effected in accordance with the terms and
conditions set forth in the Indenture.
As used in this Note, the following terms have
the meanings set forth below:
“Treasury Rate” means, with respect
to any Redemption Date for the Notes, the rate per annum equal to
the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date.
“Comparable Treasury Issue” means,
with respect to any Redemption Date for the Notes, the United
States Treasury security selected by the Independent Investment
Banker as having a maturity comparable to the remaining term of the
Notes to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes to be
redeemed.
“Comparable Treasury Price” means,
with respect to any Redemption Date for the Notes, (1) the
average (as determined by the Independent Investment Banker) of
four Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (2) if the Independent Investment Banker
obtains fewer than four but more than one such Reference Treasury
Dealer Quotations, the average (as determined by the Independent
Investment Banker) of all such quotations, or (3) if the
Independent Investment Banker obtains only one such Reference
Treasury Dealer Quotation, such Reference Treasury Dealer
Quotation.
“Independent Investment Banker”
means, with respect to any Redemption Date for the Notes, Morgan
Stanley & Co. Incorporated and its successors, Deutsche Bank
Securities Inc. and its successors or J. P. Morgan Securities Inc.
and its successors, whichever shall be selected by the Issuer, or,
if all such firms or the respective successors, if any, to such
firms, as the case may be, are unwilling or unable to select the
Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the
Issuer.
“Redemption Date” means, with
respect to any Note or portion thereof to be redeemed, the date
fixed for such redemption pursuant to the Indenture and the
Notes.
“Reference Treasury Dealers” means,
with respect to any Redemption Date for the Notes, Morgan
Stanley & Co. Incorporated, Deutsche Bank Securities Inc.
and J. P. Morgan Securities Inc. and their respective successors (
provided , however , that if any such firm or any
such successor, as the case may be, shall cease to be a primary
U.S. Government securities dealer in New York City (a
“Primary Treasury Dealer”), the Issuer shall substitute
therefor another Primary Treasury Dealer), and one other Primary
Treasury Dealer selected by the Issuer.
“Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date for the Notes, the average, as
determined by the Independent Investment Banker, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by that Reference Treasury Dealer
at 5:00 p.m., New York City time, on the third Business Day
preceding that Redemption Date. As used in the
immediately preceding sentence, the term “Business Day”
means each Monday, Tuesday, Wednesday, Thursday and Friday that is
not a day on which banking institutions in The City of New York are
authorized or obligated by law, regulation or executive order to
close.
Notice of any redemption will be mailed at least
30 days but not more than 60 days before the applicable Redemption
Date to each Holder of the Notes to be redeemed at the
Holder’s registered address. If less than all of
the Notes are to be redeemed at the option of the Issuer, the
Trustee will select, in a manner it deems fair and appropriate, the
Notes, or portions of the Notes, to be redeemed.
Unless the Issuer defaults in payment of the
redemption price (including interest accrued to the applicable
Redemption Date), on and after the applicable Redemption Date
interest will cease to accrue on the Notes or portions of the Notes
called for redemption on that Redemption Date.
Notwithstanding the provisions of
Section 12.2 of the Indenture, any notice of redemption of the
Notes need not set forth the redemption price but only the manner
of calculation thereof. The Issuer will notify the
Trustee of the redemption price promptly after the calculation
thereof. The Trustee shall have no responsibility for
such calculation.
In case an Event of Default (as defined in the
Indenture) with respect to the Notes shall have occurred and be
continuing, the principal hereof and accrued and unpaid interest
hereon may be declared, and upon such declaration shall become, due
and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.
The Indenture contains provisions permitting the
Issuer and the Trustee, with the consent of the Holders of not less
than a majority in aggregate principal amount of the Securities at
the time Outstanding of all series to be affected (voting as one
class), evidenced as in the Indenture provided, to execute
supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of
any supplemental indenture or modifying in any manner the rights of
the Holders of the Securities of each such series; provided
, that no such supplemental indenture shall, among other things,
(i) extend the final maturity of any Security, or reduce the
principal amount thereof or reduce the rate or extend the time of
payment of any interest thereon, or reduce any amount payable on
the redemption thereof, or make the principal thereof or the
interest thereon payable in any coin or currency other than that
provided in the Securities or in accordance with the terms thereof,
or impair or affect the rights of any Holder to institute suit for
the payment thereof, without the consent of the Holder of each
Security so affected, or (ii) reduce the aforesaid percentage of
Securities the Holders of which are required to consent to any such
supplemental indenture without the consent of the Holder of each
Security so affected. It is also provided in the Indenture that,
with respect to certain defaults or Events of Default, prior to any
declaration accelerating the maturity of the Securities of any
series, the Holders of a majority in aggregate principal amount of
the Outstanding Securities of such series (or, in the case of
certain defaults or Events of Default, all or certain series of the
Securities) may on behalf of the Holders of all the Securities of
such series (or all or certain series of the Securities, as the
case may be) waive any such past default or Event of Default and
its consequences. The preceding sentence shall not, however, apply
to a default or Event of Default in respect of the payment of the
principal of or premium, if any, or interest on any of the
Securities or a default or Event of Default in respect of a
covenant or provision of the Indenture which cannot be modified or
amended without the consent of the Holder of each Security
affected. Any such consent or waiver by the Holder of
this Note (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders
and owners of this Note and any Notes which may be issued in
exchange or substitution herefor or on registration of transfer
hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Notes.
No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair
the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and premium, if any, and interest on this
Note in the manner, at the respective times, at the rate and in the
coin or currency herein prescribed.
The Notes are issuable in registered form
without coupons in denominations of $2,000 and any integral
multiple of $1,000 in excess thereof. Notes may be
exchanged for a like aggregate principal amount of Notes of other
authorized denominations upon surrender of the Notes to be
exchanged at the agency of the Issuer maintained for that purpose
in the Borough of Manhattan, The City of New York in the manner and
subject to the limitations provided in the Indenture, without
charge except for any tax or other governmental charge that may be
imposed in connection therewith .
The Notes are not subject to any sinking
fund.
Upon due presentment for registration of
transfer of this Note at the agency of the Issuer maintained for
that purpose, a new Note or Notes of authorized denominations for
an equal aggregate principal amount will be issued to the
transferee in exchange therefor, subject to the limitations
provided in the Indenture, without charge except for any tax or
other governmental charge that may be imposed in connection
therewith.
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