International Paper offers to buy up to $400 million from 16 notes

Chicago, Sept. 12 – International Paper Co. is offering to buy up to $400 million principal amount from 16 series of notes, according to a press release about the offer that was launched on Monday.

The company is offering to buy from the following series, listed in priority order:

• $264,591,000 8.7% notes due 2038 (Cusip: 460146CC5) with pricing to be based on the 3.375% U.S. Treasury due Aug. 15, 2042 and a fixed spread of 205 basis points;

• $31,429,000 7.75% notes due 2025 originally issued by Champion International Corp. (Cusip: 158525AQ8) with pricing to be based on the 3.125% U.S. Treasury due Aug. 15, 2025 and a fixed spread of 95 bps;

• $43,832,000 7.35% notes due 2025 originally issued by Champion (Cusip: 158525AR6) with pricing to be based on the 3.125% U.S. Treasury due Aug. 15, 2025 and a fixed spread of 95 bps;

• $722,481,000 7.3% notes due 2039 (Cusip: 460146CF8) with pricing to be based on the 3.375% U.S. Treasury due Aug. 15, 2042 and a fixed spread of 205 bps;

• $57,938,000 7.2% notes due 2026 originally issued by Champion (Cusip: 158525AT2) with pricing to be based on the 3.125% U.S. Treasury due Aug. 31, 2027 and a fixed spread of 117 bps;

• $7,494,000 7.15% notes due 2027 originally issued by Champion (Cusip: 158525AV7) with pricing to be based on the 3.125% U.S. Treasury due Aug. 31, 2027 and a fixed spread of 123 bps;

• $94,188,000 6.875% notes due 2023 (Cusip: 460146AP8) with pricing to be based on the 3.25% U.S. Treasury due Aug. 31, 2024 and a fixed spread of 90 bps;

• $37,119,000 6.875% notes due 2029 (Cusip: 460146BD4) with pricing to be based on the 2.75% U.S. Treasury due Aug. 15, 2032 and a fixed spread of 147 bps;

• $3,555,000 6.65% notes due 2037 originally issued by Champion (Cusip: 158525AU9) with pricing to be based on the 2.75% U.S. Treasury due Aug. 15, 2032 and a fixed spread of 187 bps;

• $5.36 million 6.4% notes due 2026 originally issued by Champion (Cusip: 158525AS4) with pricing to be based on the 3.125% U.S. Treasury due Aug. 15, 2025 and a fixed spread of 97 bps;

• $585 million 6% notes due 2041 originally issued by Champion (Cusip: 460146CH4) with pricing to be based on the 3.375% U.S. Treasury due Aug. 15, 2042 and a fixed spread of 195 bps;

• $449,264,000 5.15% notes due 2046 (Cusip: 460146CN1) with pricing to be based on the par call date and on the 2.875% U.S. Treasury due May 15, 2052 and a fixed spread of 185 bps;

• $406,703,000 5% notes due 2035 (Cusip: 460146CM3) with pricing to be based on the par call date and on the 2.75% U.S. Treasury due Aug. 15, 2032 and a fixed spread of 160 bps;

• $686,478,000 4.8% notes due 2044 (Cusip: 460146CK7) with pricing to be based on the par call date and on the 3.375% U.S. Treasury due Aug. 15, 2042 and a fixed spread of 175 bps;

• $647,145,000 4.4% notes due 2047 (Cusip: 460146CQ4) with pricing to be based on the par call date and on the 2.875% U.S. Treasury due May 15, 2052 and a fixed spread of 178 bps; and

• $740,131,000 4.35% notes due 2048 (Cusip: 460146CS0) with pricing to be based on the par call date and on the 2.875% U.S. Treasury due May 15, 2052 and a fixed spread of 173 bps.

The considerations will include a $30 early tender premium that will not be paid to noteholders who tender after the early deadline.

Pricing will take place at 10 a.m. ET on Sept. 26.

The early tender deadline will be at 5 p.m. ET on Sept. 23, also the withdrawal deadline.

Early settlement is planned for Sept. 27.

The offer will expire at 11:59 p.m. ET on Oct. 7.

Final settlement is expected for Oct. 12.

Deutsche Bank Securities Inc. is the lead dealer manager (866 627-0391, 212 250-2955).

Global Bondholder Services Corp. is the depositary and information agent for the offer (855 654-2015, 212 430-3774).

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

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