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The tender offer expired at 5 p.m., ET, on May 19, 2009. As of the expiration of the tender offer, International Paper had received valid tenders, not withdrawn, of $874,452,000 aggregate principal amount of the bonds. International Paper has accepted for payment all of these bonds, representing 81.8% of the $1,068,465,000 principal amount of the bonds outstanding prior to the tender offer. On the settlement date, which is expected to be May 20, 2009, International Paper will pay an aggregate of $895,994,621.77 (including accrued and unpaid interest) as consideration for these bonds. International Paper intends to use the proceeds from the recent offering of its 9.375% Notes due 2019 and other available cash resources to purchase the bonds.

The table below identifies the principal amount of each series of bonds validly tendered in the tender offer and the principal amount that International Paper has accepted for purchase under the terms of the Offer to Purchase. Bonds that have been tendered but not accepted will be promptly returned to the tendering parties.

                                        Principal
                                          Amount
                                       Outstanding                  Principal
                                         Prior to      Principal     Amount
                                      Settlement of     Amount    Accepted for
    CUSIP No.   Title of Security      Tender Offer     Tendered     Purchase
    --------- ------------------------ ------------- ------------ ------------
    460146BY8  4.00% Notes due 2010     $414,350,000 $364,079,000 $364,079,000


    905530AH4 9.25% Debentures due 2011  $44,333,000  $35,804,000  $35,804,000


    460146BN2  6.75% Notes due 2011     $195,425,000 $162,538,000 $162,538,000


    313693AF0 8.875% Debentures due 2012 $16,469,000   $7,027,000   $7,027,000


    460146BQ5  5.85% Notes due 2012     $249,088,000 $210,801,000 $210,801,000


    460146AD5  5.125% Notes due 2012    $148,800,000  $94,203,000  $94,203,000

Citigroup Global Markets Inc. and UBS Securities LLC served as the lead dealer managers of the tender offer, and Banc of America Securities LLC, BNP Paribas Securities Corp., J.P. Morgan Securities Inc. and RBS Securities Inc. served as co-dealer managers for the tender offer. Persons with questions regarding the tender offer should contact Citigroup Global Markets Inc. at (toll-free) (800) 558-3745 or (collect) (212) 723-6106 or UBS Securities LLC at (toll-free) (888) 719-4210 or (collect) (203) 719-4210. Global Bondholder Services Corporation has been retained to serve as the depositary and information agent in connection with the tender offer.

This news release is neither an offer to purchase nor a solicitation of an offer to sell the bonds or any other securities.

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. Headquartered in Memphis, Tenn., the company employs more than 61,500 people in more than 20 countries and serves customers worldwide. 2008 net sales were approximately $25 billion. For more information about International Paper, its products and stewardship efforts, visit www.internationalpaper.com.

This news 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 such differences include, but are not limited to, the satisfaction of the conditions of the tender offer contained in the Offer to Purchase. Other 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 news release. We undertake no obligation to make any revision to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this news release.

SOURCE International Paper

http://www.internationalpaper.com