International Paper Co. - IP STOCK NEWS

International Paper Company (NYSE: IP) announced the early tender results for its cash tender offer of up to $500 million for several series of outstanding notes. As of the Early Tender Deadline on November 10, 2021, a total of $193.3 million of 5.000% Notes due 2035 and $245.2 million of 5.150% Notes due 2046 were validly tendered. The early settlement date is expected on November 15, 2021. Holders who validly tendered their notes will receive a Total Consideration that includes an early tender premium of $50.00 per $1,000. The offer ends on November 26, 2021.

International Paper (NYSE: IP) has initiated a cash tender offer for up to $500 million of its outstanding Notes due between 2035 and 2048. This Offer includes six different series of Notes with varying interest rates. The tender offer will expire on November 26, 2021, with an early tender deadline on November 10, 2021. The accepted Notes will be paid on two settlement dates, November 15 and November 30, 2021, depending on their tender timing. Conditions apply, and prospective participants are advised to review the Offer to Purchase document.

International Paper reported Q3 2021 net earnings of $864 million ($2.20 per diluted share), up from $432 million in Q2 2021 and $204 million in Q3 2020. This includes a $350 million gain from the sale of the Kwidzyn mill. Adjusted operating earnings were $532 million, representing a growth from previous quarters. Year-to-date cash from operations stood at $1.9 billion. Despite challenges from input costs and supply chain issues, the company anticipates strong seasonal demand for packaging in Q4 2021.

International Paper announced a new $2 billion share repurchase program, adding to the $1.3 billion remaining from a previous authorization. In Q3, the company repurchased $212 million in stock at an average price of $59.13 per share. However, the board also decreased the quarterly common stock dividend by 9.8% to $1.85 annually, reflecting a shift in capital allocation strategy. CEO Mark Sutton emphasized this reflects confidence in the company’s long-term outlook and strong free cash flow generation.

Sylvamo (NYSE: SLVM) will announce its third-quarter earnings on November 10, before the New York Stock Exchange opens. An audio webcast is scheduled for 10 a.m. EST. Interested parties can join by calling +1-855-982-8078 or +1-469-886-1931. Sylvamo became independent on October 1, following its spinoff from International Paper (NYSE: IP). Since this transition, net sales have reached $3.2 billion for the 12 months ending June 30. For further updates, visit Sylvamo.com.

Sylvamo (NYSE: SLVM), a spinoff of International Paper (NYSE: IP), has officially become an independent publicly traded company, with celebrations taking place globally. The company, headquartered in Memphis, Tennessee, employs over 7,000 staff across Europe, Latin America, and North America. Celebrations include a ceremonial trade bell ringing at the New York Stock Exchange, paper donations to local schools, and tree planting events. Sylvamo aims to create long-term value through its commitment to sustainability and serves as a steward of forests.

On October 1, 2021, International Paper Company (NYSE:IP) completed the spin-off of its global printing papers business, now known as Sylvamo Corporation (NYSE:SLVM). Shareholders received one share of Sylvamo for every eleven shares of International Paper held. Post-spin-off, International Paper retains approximately 19.9% ownership in Sylvamo. The spin-off is positioned to enhance strategic focus and long-term value for both companies. Sylvamo shares began trading on NYSE under the symbol SLVM, with tax-free treatment for U.S. federal income tax purposes for stockholders.

International Paper (NYSE: IP) will announce its third-quarter earnings on October 27, 2021, prior to the opening of the New York Stock Exchange. A webcast to discuss earnings and market conditions is set for 10 a.m. ET. Participants can access the call via the company's website or by phone using specific dial-in numbers. The company, headquartered in Memphis, Tenn., is a major global producer of renewable fiber-based packaging, pulp, and paper products, with net sales of approximately $21 billion in 2020.

International Paper Company (NYSE:IP) announced a spin-off and distribution of approximately 80.1% of Sylvamo Corporation (NYSE:SLVM) shares, effective October 1, 2021. Shareholders of record by September 15, 2021, will receive one share of Sylvamo for every eleven shares of International Paper held. No fractional shares will be issued; instead, fractions will be sold with proceeds distributed in cash. Sylvamo shares began trading on a 'when-issued' basis on September 14, 2021. The spin-off is subject to conditions and may be canceled if deemed unbeneficial.