International Paper provides results of tender offers and pricing

By William Gullotti

Buffalo, N.Y., June 21 – International Paper Co. announced the early results early on Monday and later in the day released pricing in its tender offers for up to $700 million aggregate purchase price of notes from four series, according to a press release.

The company received and will accept tenders for the following series of notes, in acceptance priority order, with pricing for each series:

• All of the $410,671,000 tendered of the $1,058,845,000 outstanding 4.4% notes due 2047 (Cusip: 460146CQ4) priced using the 1.875% U.S. Treasury due Feb. 15, 2051 plus a fixed spread of 87 basis points for a total consideration of $1,256.02 per $1,000 note;

• $146,945,000 of the $313,970,000 tendered of the $890,997,000 outstanding 4.35% notes due 2048 (Cusip: 460146CS0) priced using the 1.875% U.S. Treasury due Feb. 15, 2051 plus a fixed spread of 87 bps for a total consideration of $1,253.45 per $1,000 note;

• None of the $291,001,000 tendered of the $747,945,000 outstanding 4.8% notes due 2044 (Cusip: 460146CK7) priced using the 2.25% U.S. Treasury due May 15, 2041 plus a fixed spread of 100 bps for a total consideration of $1,287.42 per $1,000 note; and

• None of the $135,855,000 tendered of the $600 million outstanding 5% notes due 2035 (Cusip: 460146CM3) priced using the 1.625% U.S. Treasury due May 15, 2031 plus a fixed spread of 177 bps for a total consideration of $1,268.70 per $1,000 note/

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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