International Paper today announced that it has priced $900 million of 4.75% senior unsecured notes due 2022 and $600 million of 6.00% senior unsecured notes due 2041. The offering was made pursuant to an effective shelf registration statement.
International Paper intends to use the net proceeds from the sale of the notes, together with other committed debt financing and available cash, to finance its proposed acquisition of Temple-Inland Inc., which is expected to close in the fourth quarter of 2011 or the first quarter of 2012, subject to customary closing conditions.