Release Details

PORTLAND, Ore., Nov 20, 2001 (BUSINESS WIRE) -- Louisiana-Pacific Corporation (LP) (NYSE:LPX) announced today the completion of a major refinancing that began last summer with the issuance of $200 million of seven-year senior subordinated notes and the concurrent retirement of $170 million of term bank borrowings.

The agreements executed today will provide up to $315 million in available credit and extend the maturation of several debts that were due over the next two years.

The refinancing consists of a $190 million syndicated bank revolving credit facility agented by Bank of America and including Wachovia Bank, Royal Bank of Canada, The Bank of Nova Scotia and Export Development Bank of Canada, and a $125 million accounts receivable financing facility with Wachovia. These arrangements, which replace a revolving credit facility that was scheduled to expire in January 2002, will expire on January 31, 2004.

"These transactions are an important part of our overall effort to strengthen our financial position," said Curtis Stevens, LP's chief financial officer. "We believe that this capital availability, along with previously announced actions to reduce costs and conserve cash -- including $30 million in overhead reductions, $20 million from the suspension of dividends, as well as actions taken to greatly reduce pulp losses -- will help us maintain our financial flexibility and position ourselves to take advantage of the economic rebound when it occurs."

"We would like to publicly thank all of the participating banks for bringing this very important financing to a successful conclusion in what have been some very trying times in our industry, the banking sector and the overall economy," Stevens added.

Mr. Stevens and other LP officials involved in the refinancing will host a conference call to discuss these transactions in greater detail on Wednesday, November 21, 2001 at 10:30 a.m. EST (7:30 a.m. PST). To participate in the call, dial 800/230-1092 (domestic) or 612/332-0820 (international). To access the live webcast, visit www.lpcorp.com and go to the "Investor Relations" section from the main menu.

A replay of the conference call will be available from November 21, 2001 through November 28, 2001 by calling 800/475-6701 (domestic) or 320/365-3844 (international) and entering the access code 613679. The conference call will also be archived on LP's web site.

LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers. Visit LP's web site at: www.lpcorp.com.

    FORWARD LOOKING STATEMENTS

This news release contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, including the level of interest rates and housing starts, market demand for the company's products, and prices for structural products; the effect of forestry, land use, environmental and other governmental regulations; the ability to obtain regulatory approvals, and the risk of losses from fires, floods and other natural disasters. These and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.

CONTACT: Louisiana-Pacific David Dugan (Media Relations), 503/821-5285 Bill Hebert (Investor Relations), 503/821-5100 http://www.businesswire.com/cnn/lpx.htm