WhatTheyThink

International Paper Announces Offering of $1 Billion Notes

Thursday, December 11, 2003

STAMFORD, Conn., Dec. 10 -- International Paper announced that it has commenced an offering of an aggregate of $1 billion senior notes. The company will use a portion of the proceeds from the offering for the redemption of all of the outstanding International Paper Capital Trust III 7.875% Capital Securities due Dec. 1, 2038, at a redemption price equal to 100 percent of the principal amount thereof plus interest accrued thereon to the date of redemption. In addition, the company expects to use the proceeds of the note issuance to repay or redeem certain other indebtedness. The company expects to close the offering on Dec. 15, 2003.