International Paper issued the following announcement on Aug. 23.
International Paper Company (NYSE: IP) announced that its wholly-owned subsidiary, Sylvamo Corporation ("Sylvamo"), has priced $450 million aggregate principal amount of 7.000% senior unsecured notes due 2029. The offering is expected to close on September 3, 2021, subject to customary closing conditions. The net proceeds from the offering of senior notes, together with anticipated borrowings under Sylvamo's expected credit facilities and cash on hand in excess of $100 million, will be used by Sylvamo to make a special payment to International Paper in advance of the spin-off.
The senior notes are being offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended (the "Securities Act"). The senior notes are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S, each under the Securities Act.
The senior notes will not be and have not been registered under the Securities Act and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements.
This announcement is not an offer to purchase, a solicitation of an offer to sell or purchase, or a solicitation of an offer to sell or purchase securities with respect to the senior notes and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful. The offering of senior notes will be made only by the offering memorandum being sent to prospective investors.
Original source can be found here.
Source: International Paper
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