International Paper tender offer oversubscribed at early deadline

Chicago, Nov. 12 – International Paper Co. announced the early results on Friday of its tender offer for $500 million principal amount from six series of notes, according to a press release.

The offer has been fully subscribed at the early deadline.

Listed by acceptance priority level, the company received tenders for the following amounts:

• $193,297,000 tendered of the $600 million outstanding 5% notes due 2035 (Cusip: 460146CM3) with pricing based on the 1.25% U.S. Treasury due Aug. 15, 2031 plus 120 basis points;

• $245,236,000 tendered of the $694.5 million outstanding 5.15% notes due 2046 (Cusip: 460146CN1) with pricing based on the 2.375% U.S. Treasury due May 15, 2051 plus 105 bps;

• $238,079,000 tendered of the $747,945,000 outstanding 4.8% notes due 2044 (Cusip: 460146CK7) with pricing based on the 1.75% U.S. Treasury due Aug. 15, 2041 plus 105 bps;

• $167,909,000 tendered of the $585 million outstanding 6% notes due 2041 (Cusip: 460146CH4) with pricing based on the 1.75% U.S. Treasury due Aug. 15, 2041 plus 110 bps;

• $29.47 million tendered of the $648,174,000 outstanding 4.4% notes due 2047 (Cusip: 460146CQ4) with pricing based on the 2.375% U.S. Treasury due May 15, 2051 plus 100 bps; and

• $86,802,000 tendered of the $744,052,000 outstanding 4.35% notes due 2048 (Cusip: 460146CS0) with pricing based on the 2.375% U.S. Treasury due May 15, 2051 plus 100 bps.

Pricing of the total considerations will be calculated using the par call date for each series. The tender considerations will be priced at 10 a.m. ET on Nov. 12.

All of the tender considerations will include a $50 early tender premium per $1,000 note. The early deadline for the full consideration is 5 p.m. ET on Nov. 10.

Notes will be accepted according to the acceptance priority order, and tenders may be subject to proration.

The early settlement date is expected to be Nov. 15.

The offer will technically expire at 11:59 p.m. ET on Nov. 26. However, the offer was oversubscribed and no more notes will be accepted for purchase.

Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) and BBVA Securities Inc. (800 422-8692, liabilitymanagement@bbva.com) are the lead dealer managers.

Global Bondholder Services Corp. is the depositary and information agent (866 807-2200, 212 430-3774).

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

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