International Paper Announces Expiration and Final Results with Respect to Tender Offer for its Outstanding 7.500% Notes due 2021, 7.950% Notes due 2018, 9.375% Notes due 2019 and 4.750% Notes due 2022 and Temple-Inland, Inc.'s Outstanding 6.625% Notes due 2018

MEMPHIS, Tenn., June 12, 2015 /PRNewswire/ -- International Paper Company (NYSE: IP) announced today the expiration and final results as of 11:59 p.m. on June 11, 2015 (the "Expiration Time") for its previously announced cash tender offer (the "Tender Offer") for up to $1.0 billion combined aggregate principal amount (the "Tender Cap") of its outstanding 7.500% Notes due 2021 (the "7.500% Notes"), 7.950% Notes due 2018 (the "7.950% Notes"), 9.375% Notes due 2019 (the "9.375% Notes") and 4.750% Notes due 2022 (the "4.750% Notes") and the outstanding 6.625% Notes due 2018 of Temple-Inland, Inc., a wholly-owned subsidiary of the company, which notes are guaranteed by the company (the "6.625% Notes" and, together with the 7.500% Notes, the 7.950% Notes, the 9.375% Notes and the 4.750% Notes, the "Notes").

As of the Expiration Time, International Paper received tenders for the aggregate principal amount of each series of Notes as set forth in the table below.

Notes that have been validly tendered at or before the Expiration Time and are accepted in the Tender Offer will be purchased, retired and cancelled on the settlement date, which is expected to occur on June 12, 2015 (the "Settlement Date").  The amounts of each series of Notes that are purchased on the Settlement Date will be determined in accordance with the acceptance priority levels and the proration procedures described in the Offer to Purchase, dated May 14, 2015 (as amended, the "Offer to Purchase").  In accordance with the terms of the Tender Offer, (1) all of the 7.500% Notes validly tendered and not validly withdrawn; (2) all of the 7.950% Notes validly tendered and not validly withdrawn; (3) all of the 6.625% Notes validly tendered and not validly withdrawn; and (4) all of the 9.375% Notes validly tendered and not validly withdrawn, will be accepted for purchase and settled on the Settlement Date.  As the aggregate principal amount of Notes validly tendered and not validly withdrawn exceeded the Tender Cap, using a proration factor of approximately 17.58%, $78,366,000 aggregate principal amount of the 4.750% Notes validly tendered and not validly withdrawn will be accepted for purchase and settled on the Settlement Date.

As previously announced, holders whose Notes are accepted for purchase pursuant to the Tender Offer will be entitled to receive the total consideration, which includes an early tender premium of $30.00 per $1,000 principal amount of Notes.  Notes not accepted for purchase will be promptly returned to the tendering holder (or, if tendered through the Depositary Trust Company ("DTC"), will be promptly credited to the relevant account maintained at DTC, in accordance with DTC's procedures).

J.P. Morgan Securities LLC, BofA Merrill Lynch, Credit Agricole Securities (USA) Inc. and BNP Paribas Securities Corp. served as the dealer managers for the Tender Offer and Global Bondholder Services Corporation served as the 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) 470-4200 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 J.P. Morgan Securities LLC at (toll-free) (800) 834-4666 or (collect) (212) 834-4811, BofA Merrill Lynch at (toll-free) (888) 292-0070 or (collect) (980) 387-3907 or Credit Agricole Securities (USA) Inc. at (toll-free) (866) 807-6030 or (collect) (212) 261-7802.

This press release is not a tender offer to purchase or a solicitation of acceptance of a tender offer, which were made only pursuant to the terms of the Offer to Purchase.  In any jurisdiction where the laws required the Tender Offer to be made by a licensed broker or dealer, the Tender Offer was deemed made on behalf of International Paper Company by the dealer managers 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 made any recommendation as to whether holders should tender Notes in response to the Tender Offer.

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 along with uncoated papers and pulp. Headquartered in Memphis, Tenn., the company employs approximately 58,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2014 were $24 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 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.

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SOURCE International Paper Company

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