Release Details

PORTLAND, Ore.--(BUSINESS WIRE)--July 26, 2001--Louisiana-Pacific Corp (LP) (NYSE:LPX) today announced plans to proceed with a debt refinancing program that is intended to continue to provide the company with the financial flexibility to execute its business strategy.

The program contemplates a new three-year, $200 million bank revolving credit facility, secured by a portion of the company's timberlands in Texas and stock of certain subsidiaries, and a public offering of approximately $200 million of senior subordinated notes.

The net proceeds of the note offering and initial borrowings under the new credit facility will be used to refinance the company's existing $170 million term loan due in 2003 and borrowings outstanding under the existing $300 million revolving credit facility. Subject to market conditions, the company expects to complete the new credit facility and the note offering during August.

Separately, LP is seeking to arrange a three-year, $125 million trade receivable financing, which will further enhance the company's liquidity. The company anticipates that this facility will be in place by the end of the third quarter.

This announcement does not constitute an offer of the senior subordinated notes referred to above. Offers of such notes will be made only pursuant to a prospectus, copies of which may be obtained from Goldman, Sachs & Co., Banc of America Securities LLC, RBC Dominion Securities, Wachovia Securities, Inc. and Scotia Capital.

LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its rapidly growing retail, wholesale, homebuilding and industrial customers. For more information about LP, visit the company's website 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. http://www.businesswire.com/cnn/lpx.htm