International Paper
Memphis, Tennessee, USA, 20 May 2009 -- /PRNewswire/ -- International Paper (NYSE: IP) today announced the final results of its previously announced tender offer for any and all of its outstanding bonds described below.
The tender offer expired at 5 p.m., Eastern Time, on 19 May 2009. As of the expiration of the tender offer, International Paper had received valid tenders, not withdrawn, of USD 874,452,000 aggregate principal amount of the bonds. International Paper has accepted for payment all of these bonds, representing 81.8% of the USD 1,068,465,000 principal amount of the bonds outstanding before the tender offer. On the settlement date, which is expected to be 20 May 2009, International Paper will pay an aggregate of USD 895,994,621.77 (including accrued and unpaid interest) as consideration for these bonds. International Paper intends to use the proceeds from the recent offering of its 9.375% Notes due 2019 and other available cash resources to purchase the bonds. The table below identifies the principal amount of each series of bonds validly tendered in the tender offer and the principal amount that International Paper has accepted for purchase under the terms of the Offer to Purchase. Bonds that have been tendered but not accepted will be promptly returned to the tendering parties. Principal Amount Outstanding Principal Before Principal Amount Settlement of Amount Accepted for CUSIP No. Title of Security Tender Offer Tendered Purchase --------- ------------------------ ------------- ------------ ------------ 460146BY8 4.00% Notes due 2010 $414,350,000 $364,079,000 $364,079,000 905530AH4 9.25% Debentures due 2011 $44,333,000 $35,804,000 $35,804,000 460146BN2 6.75% Notes due 2011 $195,425,000 $162,538,000 $162,538,000 313693AF0 8.875% Debentures due 2012 $16,469,000 $7,027,000 $7,027,000 460146BQ5 5.85% Notes due 2012 $249,088,000 $210,801,000 $210,801,000 460146AD5 5.125% Notes due 2012 $148,800,000 $94,203,000 $94,203,000 Note: $ = U.S. dollars.
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