IP prices US$900M of 4.75% senior unsecured notes due 2022, US$600M of 6.00% senior unsecured notes due 2041; proceeds to be used toward proposed Temple-Inland acquisition

Kendall Sinclair

Kendall Sinclair

Nov 8, 2011 – International Paper

MEMPHIS, Tennessee , November 8, 2011 (press release) – International Paper (NYSE:IP - News) 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.

UBS Securities LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and RBS Securities Inc. acted as joint book-running managers for the offering. Copies of the prospectus supplement and accompanying prospectus, when available, may be obtained by contacting UBS Securities LLC at 299 Park Avenue, New York, New York 10171, Attention: Prospectus Specialist, toll-free (877) 827-6444, ext. 561 3884; or Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, Jersey City, NJ 07311, by calling 1-800-503-4611 or by emailing prospectus.cpdg@db.com.

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 - News) 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. Headquartered in Memphis, Tennessee the company employs about 59,500 people in more than 24 countries and serves customers worldwide. 2010 net sales were more than $25 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

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