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International Paper Completes Sale of 900,000 Acres of Forestland for Approximately $1.13 Billion

Tuesday, October 31, 2006

Press release from the issuing company

MEMPHIS, Tenn., Oct. 30 -- International Paper has completed the previously announced sale of 900,000 acres of forestland in Louisiana, Texas and Arkansas to TimberStar Southwest, whose lead investor is TimberStar, a subsidiary of iStar Financial Inc., for approximately $1.13 billion in cash and notes. The transaction was announced in April 2006 as part of International Paper's sale of the majority of its U.S. forestlands. In connection with the transaction, the parties also entered into a 50-year fiber supply agreement for IP's pulp and paper mills, and a 30-year fiber supply agreement for IP's wood products facilities, both at market prices. Under TimberStar Southwest management, the forestlands will continue to be managed and third-party certified under the requirements of the Sustainable Forestry Initiative Standard.

 

 

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