International Paper Prices USD 3 Billion of Notes for Weyehaeuser Acquistition
Memphis, Tennessee, USA, 29 May 2008 -- /PRNewswire/ -- International Paper Company (NYSE: IP) today announced that it has priced USD 1 billion of 7.40% senior unsecured notes due 2014, USD 1.7 billion of 7.95% senior unsecured notes due 2018, and USD 300 million of 8.70% senior unsecured notes due 2038. The offering was made pursuant to an effective shelf registration statement.
International Paper intends to use the net proceeds from the sale of the notes, together with other debt financing and available cash on hand, to finance its proposed acquisition of the containerboard, packaging, and recycling business of Weyerhaeuser Company, which is expected to close in the third quarter of 2008, subject to customary closing conditions.
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.
Source: International Paper