Sylvamo completes $420M sale of Russian operations to Pulp Invest; nets ~$390M

Sylvamo Corp

Sold Russian paper mill in Svetogorsk and harvesting rights on 860,000 forestland acres for $420M.
Net proceeds of ~$390M after FX and fees; will use $325M to repay Term Loan B debt.
Transaction closed Oct 6, 2022; buyer is management buyout vehicle Pulp Invest.
Pro forma 2021 net sales reduced by $674M to $2,828M; net income from cont. ops reduced to $232M.
Sale follows May 2022 decision to exit Russia; CEO cites principle-based rationale.

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