* Up to $500 mln to be bought back

* $1,43 billion currently outstanding

* Offer a $30 premium for every $1,000 remitted

NEW YORK, Nov 10 (Reuters) - Forest products marketer Weyerhaeuser Co (WY.N: Quote, Profile, Research) said on Tuesday it would buy back up to $500 million in notes as part of a plan to reduce existing debt.

The Federal Way, Washington-based company will pay cash for the notes, which carry a 6.75 percent interest rate and are due March 15, 2012.

Its offer represents a $30 premium for every $1,000 sold back.

Weyerhaeuser owes about $1.43 billion on the notes currently.

Shares of the company, which closed Monday at $38.82, have traded between $18.67 and $41.28 in the past 52 weeks. (Reporting by Ernest Scheyder, editing by Gerald E. McCormick)