Memphis, Tennessee, USA, 01 September 2009 -- /PRNewswire/ -- International Paper (NYSE: IP) today announced the expiration and final results of its offer to purchase up to the maximum tender amount (as defined below) of its 7.20% notes due 2026 and its 5.50% notes due 2014. The maximum tender amount was USD 432,550,000 in aggregate principal amount, or USD 1,000,000,000 less the aggregate principal amount of International Paper's 7.40% notes due 2014 accepted for payment in the any and all tender offer of its 7.40% notes that expired on 11 August 2009.
International Paper refers to its offer to purchase the 7.20% notes and 5.50% notes as the "maximum tender offer." The 7.20% notes, the 5.50% notes, and the 7.40% nNotes are referred to, collectively, as the "securities."
As of 5 p.m., Eastern Time (ET), on 31 August 2009, the expiration date for the maximum tender offer, the aggregate principal amount of 7.20% notes tendered was USD 102,412,000, representing approximately 63.87% of the USD 160,350,000 aggregate principal amount of 7.20% notes, and the aggregate principal amount of 5.50% notes tendered was USD 63,483,000, representing approximately 58.92% of the USD 107,750,000 aggregate principal amount of 5.50% notes. All of the 7.20% notes and 5.50% notes that were tendered have been accepted for payment by International Paper, with settlement expect to occur today.
Holders of 7.20% notes and 5.50% notes that were tendered at or before 5 p.m., ET, on 14 August 2009 (the early tender date) will receive an early tender premium. Holders of 7.20% notes whose notes were tendered at or before the early tender date will receive USD 1080 per USD 1000 principal amount of notes accepted for purchase, which includes an early tender premium of USD 30 per USD 1000 principal amount. Holders of 7.20% notes whose notes were tendered after the early tender date will receive USD 1050 per USD 1000 principal amount of notes accepted for purchase. Holders of 5.50% notes whose notes were tendered before the early tender date will receive USD 1030 per USD 1000 principal amount of notes accepted for purchase, which includes an early tender premium of USD 30 per USD 1000 principal amount. Holders of 5.50% notes whose notes were tendered after the early tender date will receive USD 1000 per USD 1000 principal amount of notes accepted for purchase. Holders of each of the 7.20% notes and 5.50% notes will receive accrued and unpaid interest from and including the last interest payment date up to, but not including, the settlement date.
The maximum tender offer was made pursuant to an offer to purchase dated 03 August 2009, which set forth a complete description of the terms of the offer.
Citi, Deutsche Bank Securities Inc., and RBS Securities Inc. served as the dealer managers for the tender offers. Global Bondholder Services Corporation served as the depositary and information agent. Persons with questions regarding the tender offers should contact Citi at (toll-free) 800-558-3745 or (collect) 212-723-6106, Deutsche Bank Securities Inc. at (toll-free) 866-627-0391 or (collect) 212-250-2955 or RBS Securities Inc. at (toll-free) 877-297-9832 or (collect) 203-897-6145. Requests for copies of the offer to purchase, related letter of transmittal, and other related materials should be directed to Global Bondholder Services Corporation at 212-430-3774 or (toll-free) 866-470-3900.
International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia, and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tennessee, the company employs more than 58,000 people in more than 20 countries and serves customers worldwide. Net sales in 2008 were approximately USD 25 billion. For more information about International Paper, its products, and stewardship efforts, visit www.internationalpaper.com. |
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