MEMPHIS, Tenn., Aug. 12 /PRNewswire-FirstCall/ -- International Paper (NYSE: IP) today announced the expiration and final results of its offer to purchase any and all of its 7.40% Notes Due 2014 (the "7.40% Notes"). International Paper refers to its offer to purchase the 7.40% Notes as the "Any and All Tender Offer."
(Logo: http://www.newscom.com/cgi-bin/prnh/20020701/IPLOGO )
As of 5 p.m., ET, on Aug. 11, 2009, the expiration date for the Any and All Tender Offer, the aggregate principal amount of 7.40% Notes tendered in the Any and All Tender Offer was $567,450,000, representing 56.75% of the $1,000,000,000 aggregate principal amount of 7.40% Notes. All of the 7.40% Notes that were tendered have been accepted for payment by International Paper, with settlement expected to occur today. The holders of the 7.40% Notes that were accepted for purchase will be entitled to receive the tender offer consideration of $1,100 per $1,000 principal amount of 7.40% Notes, plus accrued and unpaid interest from and including the last interest payment date (June 15, 2009) to, but not including, the settlement date.
The Any and All Tender Offer was made pursuant to an offer to purchase dated Aug. 3, 2009 (the "Offer to Purchase"), which set forth a complete description of the terms of the Any and All Tender Offer.
Also described in the Offer to Purchase is an offer by International Paper to purchase up to $1,000,000,000 in aggregate principal amount, less any principal amount of the 7.40% Notes accepted in the Any and All Tender Offer (the "Maximum Tender Amount"), of its 7.20% Notes Due 2026 (the "7.20% Notes") and its 5.50% Notes Due 2014 (the "5.50% Notes"). International Paper refers to its offer to purchase the 7.20% Notes and 5.50% Notes as the "Maximum Tender Offer." As a result of the amount of 7.40% Notes tendered and accepted for payment in the Any and All Tender Offer, the Maximum Tender Amount is $432,550,000, which is sufficient to purchase any and all notes tendered pursuant to the Maximum Tender Offer. The 7.40% Notes, the 7.20% Notes and the 5.50% Notes are referred to, collectively, as the "Securities." Holders of 7.20% Notes and 5.50% Notes are urged to read the Offer to Purchase and the related Letter of Transmittal carefully before making any decision with respect to the Maximum Tender Offer. The Maximum Tender Offer is conditioned on satisfaction of certain conditions set forth in the Offer to Purchase.
Holders who have not already tendered 7.20% Notes and 5.50% Notes may continue to do so at any time at or prior to 5 p.m., ET, on Aug. 31, 2009 (the "Maximum Tender Offer Expiration Date"), unless International Paper extends or earlier terminates the Maximum Tender Offer.
