International Paper gives early tender offer results for four series

Chicago, June 21 – International Paper Co. announced the early results of its cash tender offers for up to $700 million aggregate purchase price of notes from four series, according to a press release.

As of the early deadline of 5 p.m. ET on June 18, the company received tenders for the following amounts of notes, listed in order of acceptance priority level:

• $410,671,000 of the $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;

• $313,970,000 of the $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;

• $291,001,000 of the $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

• $135,855,000 of the $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 include an early tender premium of $30 per $1,000 principal amount for noteholders who tendered their notes by the early deadline, which was also the withdrawal deadline.

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 early tendered notes to be accepted will be based on acceptance priority levels and subject to proration.

The offer was originally set to expire at 11:59 p.m. ET on July 2. That date has been extended to 11:59 p.m. ET on July 6.

Final settlement was planned for July 7. It will now be July 8.

However, because the total amount of early tenders exceeds the maximum amount that will be purchased, no notes tendered after the early date will be accepted.

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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