Sylvamo completes spin-off from International Paper; $1.07B debt, 80.1% distribution

Sylvamo Corp

IP contributed printing papers business to Sylvamo for $1.6B cash and 44.1M shares.
Sylvamo borrowed $1.07B under senior secured credit facilities (revolver, Term Loan B, Term Loan F).
IP distributed 35.3M shares (80.1%) to IP shareholders on Oct 1, 2021; IP retains 8.8M shares (19.9%).
Amended and restated certificate of incorporation and bylaws effective with spin-off.
Spin-off intended to qualify as tax-free under Sections 355(a) and 368(a)(1)(D) of the Code.

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