Crown Pacific Partners L.P. (“Crown Pacific”), a Delaware limited partnership, Friday announced the pricing of its initial public offering of 9.85 million common units (10,506,716 common units if the underwriters’ over-allotment option is exercised in full) at $21.50 per unit.

Management and the Fremont Group agreed to purchase up to 2.5 million units in the offering at the initial public offering price, less underwriting discounts and commissions. The common units will trade on the New York Stock Exchange under the symbol “CRO.”

Lehman Brothers; Dean Witter Reynolds Inc.; Dillon, Read & Co. Inc.; Goldman, Sachs & Co.; and Smith Barney Inc. are acting as underwriters for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. Net proceeds from the sale of the common units and from the debt financings are expected to be used primarily for the repayment of debt, financing costs and distributions to certain original investors.

“We are very pleased with our initial public offering which is an important milestone and provides a new platform for the continued growth of Crown Pacific,” said Peter W. Stott, president and chief executive officer. “We look forward to maximizing value for our unitholders and to further expansion of our operations.”

Crown Pacific owns and operates one of the largest timberland and wood product manufacturing companies in the Pacific Northwest with approximately 575,000 acres of timberland and 3.5 billion board feet of merchantable timber inventory. With headquarters in Portland, Crown Pacific has operations in Oregon, Washington, Idaho and Montana.