MEMPHIS, Tenn., May 29 /PRNewswire-FirstCall/ -- International Paper Company (NYSE: IP) today announced that it has priced $1 billion of 7.40% senior unsecured notes due 2014, $1.7 billion of 7.95% senior unsecured notes due 2018, and $300 million of 8.70% senior unsecured notes due 2038. The offering was made pursuant to an effective shelf registration statement.

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International Paper intends to use the net proceeds from the sale of the notes, together with other debt financing and available cash on hand, to finance its proposed acquisition of the containerboard, packaging and recycling business of Weyerhaeuser Company which is expected to close in the third quarter of 2008, subject to customary closing conditions.

Banc of America Securities LLC, Deutsche Bank Securities Inc., Greenwich Capital Markets, Inc., J.P. Morgan Securities Inc., and UBS Securities LLC acted as joint book-running managers for the offering. Copies of the prospectus supplement and accompanying prospectus, when available, may be obtained by contacting Banc of America Securities LLC, Prospectus Department, 100 West 33rd Street, 3rd Floor, New York, NY 10001, or (800) 294-1322 (toll free); Deutsche Bank Securities Inc., 60 Wall Street, 2nd Floor, New York, NY 10005, or (800) 503-4611 (toll free); Greenwich Capital Markets, Inc., 600 Steamboat Road, Greenwich, CT 06830, Attention: Debt Capital Markets Syndicate, or (866) 884-2071 (toll free); J.P. Morgan Securities Inc., 270 Park Avenue, 8th Floor, New York, NY 10017, Attention: High Grade Syndicate Desk, or (212) 834-4533 (call collect); or UBS Securities LLC, Prospectus Specialist, 299 Park Avenue, New York, NY 10171, Attention: Clint Lauriston, or (877) 827-6444, ext. 561-3884 (toll free).

This release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About International Paper

International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company.

SOURCE International Paper

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