International Paper Announces Price Determination with Respect to Tender Offer for 9.375% Notes due 2019 and 7.950% Notes due 2018 - Hawaii News Now - KGMB and KHNL

International Paper Announces Price Determination with Respect to Tender Offer for 9.375% Notes due 2019 and 7.950% Notes due 2018

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE International Paper

MEMPHIS, Tenn., June 17, 2014 /PRNewswire/ -- International Paper Company (NYSE: IP) announced today the U.S. Treasury reference security yield to maturity for its previously announced cash tender offer (the "Tender Offer") for up to $1 billion combined aggregate principal amount (the "Tender Cap") of its outstanding 9.375% Notes due 2019 (the "9.375% Notes") and 7.950% Notes due 2018 (the "7.950% Notes" and, together with the 9.375% Notes, the "Notes"). 

International Paper logo.

As of 2:00 p.m., New York City time, on June 17, 2014, the reference security yield to maturity, based on the bid-side price of the U.S. Treasury reference security listed in the table below, was as follows:

 

Title of Security

CUSIP

Reference U.S. Treasury
Security

Bloomberg
Reference Page

Reference Security
Yield to Maturity

9.375% Notes due 2019

460146CD3

1.5% due May 31, 2019

FIT1

1.748%

7.950% Notes due 2018

460146CA9

1.5% due May 31, 2019

FIT1

1.748%

The reference security yield to maturity will be used to determine the consideration paid for the notes that were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on June 16, 2014 (the "Early Tender Deadline") or 11:59 p.m., New York City time, on July 1, 2014, unless extended (the "Expiration Time"), as applicable, and accepted for purchase in the Tender Offer.

Based on the terms of the Tender Offer, International Paper determined the tender yield, total consideration and tender offer consideration per $1,000 principal amount of the notes as follows:

Title of Security

CUSIP

Tender Yield

Total
Consideration(1)

Tender Offer
Consideration(1)

9.375% Notes due 2019

460146CD3

2.398%

$1,321.22

$1,291.22

7.950% Notes due 2018

460146CA9

2.048%

$1,225.11

$1,195.11






(1) Based on early settlement date of June 18, 2014.

 

The Tender Offer is subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase.

International Paper has retained Citigroup Global Markets Inc., Deutsche Bank Securities Inc. HSBC Securities (USA) Inc. and UBS Securities LLC to serve as dealer managers for the tender offer and has retained Global Bondholder Services Corporation to serve as depositary and information agent for the tender offer.

Requests for documents relating to the tender offer may be directed to Global Bondholder Services Corporation by telephone at (866) 470-3700 or (212) 430-3774 or in writing at 65 Broadway, Suite 404, New York, New York 10006.  Questions regarding the tender offer may be directed to Citigroup Global Markets Inc. at (toll-free) (800) 558-3745 or (collect) (212) 723-6106 or Deutsche Bank Securities Inc. at (toll-free) (866) 627-0391 or (collect) (212) 250-2955.

This press release is not a tender offer to purchase or a solicitation of acceptance of a tender offer, which may be made only pursuant to the terms of the Offer to Purchase.  In any jurisdiction where the laws require the tender offer to be made by a licensed broker or dealer, the tender offer will be deemed made on behalf of International Paper Company by Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., UBS Securities LLC or one or more registered brokers or dealers under the laws of such jurisdiction.

None of International Paper, its board of directors, the depositary, the information agent, any of the dealer managers or the trustee for the Notes is making any recommendation as to whether holders should tender Notes in response to the tender offer. Holders must make their own decisions as to whether to tender Notes, and, if so, the principal amount of Notes to tender.

About International Paper

International Paper (NYSE: IP) is a global leader in packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include industrial and consumer packaging and uncoated papers, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tenn., the company employs approximately 70,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2013 were $29 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

Forward-Looking and Cautionary Statements
This press release may contain "forward-looking statements." Such forward-looking statements may include, without limitation, statements about the company's market opportunities, strategies, competition and expected activities and expenditures, and at times may be identified by the use of words such as "may," "will," "could," "should," "would," "project," "believe," "anticipate," "expect," "plan," "estimate," "forecast," "potential," "intend," "continue" and variations of these words or comparable words. Forward-looking statements are based on current expectations and assumptions, and inherently involve risks and uncertainties. Accordingly, actual results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the amount of Notes tendered and satisfaction of the conditions of the tender offers contained in the offer to purchase. Other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings. You should not place undue reliance on our forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to make any revision to the forward-looking statements contained in this press release or to update them to reflect events or circumstances occurring after the date of this press release.

Logo - http://photos.prnewswire.com/prnh/20020701/IPLOGO  

©2012 PR Newswire. All Rights Reserved.