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International Paper Completes Private Placement of $1 Billion Notes

Press release from the issuing company

STAMFORD, Conn., Oct. 30 -- International Paper Company announced that it has completed a private placement of $1 billion aggregate principal amount 5.85 percent notes due October 30, 2012, with institutional investors. The company has instructed Bank of New York, as trustee, to use the proceeds of the offering to retire a portion of the company's $1.2 billion aggregate principal amount 8 percent notes due July 8, 2003, by exercising the make-whole provision.