International Paper offers to purchase notes from four series for up to $700 million

Chicago, June 7 – International Paper Co. commenced a cash tender offer for up to $700 million aggregate purchase price of four series of notes on Monday, according to a press release.

Listed by acceptance priority level, the company is offering to buy from the following series:

• $1,058,845,000 outstanding 4.4% notes due 2047 (Cusip: 460146CQ4) to be priced using the 1.875% U.S. Treasury due Feb. 15, 2051 plus a fixed spread of 87 basis points for a hypothetical total consideration of $1,219.17 per $1,000 note;

• $890,997,000 outstanding 4.35% notes due 2048 (Cusip: 460146CS0) to be priced using the 1.875% U.S. Treasury due Feb. 15, 2051 plus a fixed spread of 87 bps for a hypothetical total consideration of $1,215.68 per $1,000 note;

• $747,945,000 outstanding 4.8% notes due 2044 (Cusip: 460146CK7) to be priced using the 2.25% U.S. Treasury due May 15, 2041 plus a fixed spread of 100 bps for a hypothetical total consideration of $1,258.41 per $1,000 note; and

• $600 million outstanding 5% notes due 2035 (Cusip: 460146CM3) to be priced using the 1.625% U.S. Treasury due May 15, 2031 plus a fixed spread of 177 bps for a hypothetical total consideration of $1,255.69 per $1,000 note.

The total considerations will include an early tender premium of $30 per $1,000 principal amount for noteholders who tender their notes by 5 p.m. ET on June 18. The June 18 early deadline is also the withdrawal deadline.

The pricing of the hypothetical considerations is based on the assumption of an early settlement date of June 22.

Actual pricing will be determined at 10 a.m. ET on June 21.

The offer expires at 11:59 p.m. ET on July 2.

Final settlement is planned for July 7.

Deutsche Bank Securities Inc. (866 287-1922, 212 250-7527). is the lead dealer manager for the offer.

Global Bondholder Services Corp. (866 807-2200, 212 430-3774, https://www.gbsc-usa.com/ip/) is the depositary and information agent.

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

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