International Paper gives results of tender offer for 3% notes

By Rebecca Melvin

New York, Sept. 15 – International Paper Co. announced the results of its cash tender offer for any and all of its $774,639,000 of 3% notes due 2027 (Cusip: 460146CP6).

The company said $299,955,000 of the 2027 notes, or 61% of the amount outstanding, was tendered. The amount includes $2,595,000 principal amount of 3% notes tendered under guaranteed delivery procedures described in the tender.

The offer expired at 5 p.m. ET on Sept. 14. The withdrawal deadline has passed, and settlement is expected to occur on Sept. 17.

The company launched the any-and-all offer alongside a waterfall capped tender for its $658,942,000 of 3.65% notes due 2024 (Cusip: 460146CJ0) and $654,795,000 of 3.8% notes due 2026 (Cusip: 460146CL5).

Based on the amount of 3% notes tendered, the waterfall tender cap is expected to equal $400,045,000. This amount is subject to a potential increase of up to $2,594,000 to the extent that guaranteed delivery procedures for 3% notes tendered in accordance with guaranteed delivery procedures are not completed by the any and all guaranteed delivery deadline.

The waterfall tender offer will expire at 11:59 p.m. ET on Oct. 5. Any 3.65% notes and 3.8% notes tendered may be withdrawn at or prior to the early tender deadline.

Holders will also receive accrued interest.

Global Bondholder Services Corp. (866 794-2200, 212 430-3774) is the depositary and information agent.

The lead dealer managers are BNP Paribas Securities Corp. (888 210-4358, 212 841-3059, dl.us.liability.management@us.bnpparibas.com) and Credit Agricole Securities (USA) Inc. (866 807-6030, 212 261-7802).

International Paper is a packaging and paper manufacturing company based in Memphis.

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