By Andrea Heisinger
Omaha, May 28 - International Paper Co. priced $3 billion of notes (Baa3/BBB/) in three tranches Wednesday, an informed source said.
The $1 billion of notes due 2014 priced to yield Treasuries plus 410 basis points, and $1.7 billion of 10-year notes priced to yield Treasuries plus 395 bps. The $300 million of 30-year notes priced to yield 407.5 bps more than Treasuries.
The notes feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., RBS Greenwich Capital and UBS Investment Bank.
Proceeds will be used to finance the acquisition of the containerboard, packaging and recycling business from Weyerhaeuser Corp and for other expenses.
The paper and packaging company is based in Memphis.
| Issuer: | International Paper Co.
|
| Issue: | Notes
|
| Amount: | $3 billion
|
| Bookrunners: | Banc of America Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., RBS Greenwich Capital, UBS Investment Bank
|
| Change-of-control put: | 101%
|
| Trade date: | May 28
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
|
|
| Six-year notes
|
| Amount: | $1 billion
|
| Maturity: | 2014
|
| Spread: | Treasuries plus 410 bps
|
|
|
| 10-year notes
|
| Amount: | $1.7 billion
|
| Maturity: | 2018
|
| Spread: | Treasuries plus 395 bps
|
|
|
| 30-year notes
|
| Amount: | $300 million
|
| Maturity: | 2038
|
| Spread: | Treasuries plus 407.5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
