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Management Side
IP enters into $660 million credit agreement

MEMPHIS, Tennessee (From news reports) -- International Paper has entered into a $660 million credit agreement.

According to a filing with the U.S. Securities and Exchange Commission (SEC) dated Tuesday, Dec. 12, International Paper Co. entered into a five-year, $660 million credit agreement with a syndicate of banks and financial organizations. The proceeds from the agreement will be used to pay down existing debt as part of IP's deal with Atlanta-based Graphic Packaging Holding Co.

IP announced in October it would "contribute" its North America Consumer Packaging business to Graphic Packaging as part of a transaction that was valued at $1.8 billion -- the valuation of IP's Packaging Business. The combination would then create a $6 billion, paper-based packaging company with Graphic Packaging set to own 79.5 percent of the partnership and IP with 20.5 percent. At the time of the announcement, IP noted it planned to use "$660 million in cash proceeds from a loan being assumed by Graphic Packaging to pay down existing debt."

Mark Sutton, chairman and CEO of IP, said during a Nov. 29 presentation at the Citi Basic Materials Conference in New York City that the Department of Justice had approved the deal the week prior and that it was still on track to close in early 2018.

A global producer of renewable fiber-based packaging, pulp and paper products, IP has manufacturing operations in North America, Latin America, Europe, North Africa and Russia, with a total of 55,000 employees. In 2016, net sales were $21 billion.

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