SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
July 28, 1994
Date of Report (Date of earliest event reported)
INTERNATIONAL PAPER COMPANY
(Exact name of Registrant as specified in its charter)
New York 1-3157 13-0872805
(State of Commission (IRS Employer
Incorporation) File Identification
Number)
Two Manhattanville Road, Purchase, NY 10577
(Address of principal executive offices)
914-397-1500
(Registrant's telephone No.)
ITEM I. CHANGES IN CONTROL OF REGISTRANT
N/A
ITEM II. ACQUISITION OR DISPOSITION OF ASSETS
N/A
ITEM III. BANKRUPTCY OR RECEIVERSHIP
N/A
ITEM IV. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
N/A
ITEM V. OTHER EVENTS
On July 28, 1994, International Paper Company
(the "Company") entered into an Underwriting
Agreement with CS First Boston Corporation and
Kidder, Peabody & Co. Incorporated in
connection with the proposed issuance and sale
of $150,000,000 aggregate principal amount of
the Company's 7 7/8% Notes Due 2006.
ITEM VI. RESIGNATIONS OF REGISTRANT'S DIRECTORS
N/A
ITEM VII. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements:
N/A
(b) Pro Forma Financial Information:
N/A
(c) Exhibits:
1(a) Underwriting Agreement, dated July
28, 1994, among the Company, CS First
Boston Corporation and Kidder,
Peabody & Co. Incorporated, which
incorporates in its entirety all the
provisions of the International Paper
Company Underwriting Agreement
Standard Provisions (Debt), dated May
19, 1994, filed with the Securities
and Exchange Commission as an exhibit to the
Current Report on Form 8-K dated May
19, 1994.
4(a) Form of Note.
12(a) Statement Re: Calculation of Earnings
to Fixed Charges
ITEM VIII. CHANGES IN FISCAL YEAR
N/A
Signatures
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned
thereunto duly authorized.
INTERNATIONAL PAPER COMPANY
(Registrant)
Date: August 3, 1994 /s/SYVERT E. NERHEIM
Purchase, NY Syvert E. Nerheim
Assistant Secretary
EXHIBIT INDEX
1(a) Underwriting Agreement, dated July 28, 1994, among
the Company, CS First Boston Corporation and
Kidder, Peabody & Co. Incorporated, which
incorporates in its entirety all the provisions of
the International Paper Company Underwriting
Agreement Standard Provisions (Debt), dated May 19,
1994, filed with the Securities and Exchange
Commission as an exhibit to the
Current Report on Form 8-K dated May 19, 1994.
4(a) Form of Note.
12(a) Statement Re: Calculation of Earnings to Fixed
Charges
UNDERWRITING AGREEMENT
July 28, 1994
International Paper Company
Two Manhattanville Road
Purchase, New York 10577
Dear Sirs:
We understand that International Paper Company,
a New York corporation (the "Company"), proposes to issue
and sell $150,000,000 aggregate principal amount of its
7 7/8% Notes due August 1, 2006 (the "Offered
Securities"). Subject to the terms and conditions set
forth or incorporated by reference herein, the Company
hereby agrees to sell and CS First Boston Corporation and
Kidder, Peabody & Co. Incorporated (the "Underwriters")
severally agree to purchase the Offered Securities at a
purchase price equal to 99.132% of the principal amount
of the Offered Securities, plus interest, if any, accrued
on the Offered Securities from August 4, 1994.
The Underwriters will pay for such Offered
Securities upon delivery thereof at the offices of
Skadden, Arps, Slate, Meagher & Flom, 919 Third Avenue,
New York, New York at 10:00 a.m., New York City time, on
August 4, 1994, or at such other time as shall be jointly
designated by the Underwriters and the Company.
The Offered Securities will be issued pursuant
to the Indenture relating to Senior Debt Securities dated
as of April 1, 1994 (the "Senior Indenture"), between the
Company and The Chase Manhattan Bank, N.A., as Trustee,
and will have the following terms:
MATURITY: August 1, 2006
INTEREST RATE: 7 7/8% per annum
INTEREST PAYMENT DATES: February 1 and August 1, of
each year, commencing
February 1, 1995
REDEMPTION PROVISIONS: None
SINKING FUND PROVISIONS: None
DEFEASANCE PROVISIONS: The Senior Indenture
provisions relating to
defeasance will apply to the
Offered Securities.
CONVERSION RIGHTS: None
REPURCHASE UPON
CHANGE OF CONTROL: The Offered Securities will
be redeemable at the option
of the Holders in the event
of a Change in Control.
The respective principal amounts of the
Securities to be purchased by each of the Underwriters
are set forth opposite their names in Schedule A hereto.
All the provisions contained in the document
entitled International Paper Company Underwriting
Agreement Standard Provisions (Debt), a copy of which you
have previously received, except to the extent otherwise
provided herein, are herein incorporated by reference in
their entirety and shall be deemed to be a part of this
Agreement to the same extent as if such provisions had
been set forth in full herein.
Please confirm your agreement by having an
authorized officer sign a copy of this Agreement in the
space set forth below and returning the signed copy to us
by telecopy.
Very truly yours,
CS FIRST BOSTON CORPORATION
KIDDER, PEABODY & CO. INCORPORATED
By: CS FIRST BOSTON CORPORATION
By: /s/ Joseph D. Fashano
Name: Joseph D. Fashano
Title: Director
Accepted as of the date hereof:
INTERNATIONAL PAPER COMPANY
By: /s/ E. William Boehmler
Name: E. William Boehmler
Title: Vice President and
Treasurer
SCHEDULE A
Principal
Underwriter Amount
CS First Boston Corporation . . . . . . $ 75,000,000
Kidder, Peabody & Co. Incorporated . . 75,000,000
Total . . . . . . . . . . . . . . $150,000,000
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITORY TO
A NOMINEE OF THE DEPOSITORY, (II) BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY OR (III) BY THE DEPOSITORY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, 55 WATER STREET, NEW YORK, NEW YORK ("DTC") TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.
INTERNATIONAL PAPER COMPANY
R- $
CUSIP 460146 AT 0
International Paper Company, a corporation duly
organized and existing under the laws of New York (herein
called the "Company," which term includes any successor
Person under the Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to
or registered assigns, the principal sum of
($ ) on August 1, 2006 and to
pay interest thereon from August 4, 1994 or from the most
recent Interest Payment Date to which interest has been
paid or duly provided for semi-annually in arrears on
February 1 and August 1 in each year, commencing February
1, 1995, at the rate of 7 7/8% per annum, until the
principal hereof is paid or made available for payment.
The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the
January 15 or July 15 (whether or not a Business Day), as
the case may be, next preceding such Interest Payment
Date. Except as otherwise provided in the Indenture, any
such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall
be given to Holders of Securities of this series not less
than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not
inconsistent with the requirements of any securities
exchange on which the Securities of this series may be
listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture.
Payment of the principal of (and premium, if any) and
interest on this Security will be made at the office or
agency of the Company maintained for that purpose in the
City of New York, in such coin or currency of the United
States of America as at the time of payment is legal
tender for payment of public and private debts.
Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same
effect as if set forth at this place.
Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse
hereof, directly or through an Authenticating Agent, by
manual signature of an authorized signatory, this
Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal.
Dated:
[Seal] INTERNATIONAL PAPER COMPANY
Attest:
____________________ By: _______________________
This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.
THE CHASE MANHATTAN BANK, N.A.,
as Trustee
By:_________________________
Authorized Signatory
REVERSE OF SECURITY
This Security is one of a duly authorized issue of
securities of the Company (herein called the
"Securities"), issued and to be issued in one or more
series under an Indenture relating to Senior Debt
Securities, dated as of April 1, 1994 (herein called the
"Indenture"), between the Company and The Chase Manhattan
Bank, N.A., as Trustee (herein called the "Trustee,"
which term includes any successor trustee under the
Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the
series designated on the face hereof, limited in
aggregate principal amount to $150,000,000.
The Securities of this series are not subject to
redemption at any time, as a whole or in part, at the
election of the Company.
Subject to and upon compliance with the provisions
of the Indenture (unless previously redeemed), this
Security, if submitted for redemption, is subject to
redemption, at the option of the Holder, upon any Change
in Control of the Company (as defined in the Indenture)
unless the Continuing Directors (as defined in the
Indenture) shall have approved such Change in Control on
or before the day which is ten days after such Change in
Control (whether or not such call occurs before or after
such Change in Control). The Holder's option so to
redeem is exercisable on or before the end of the
Exercise Period specified in the notice of the Company
relating to such Change in Control at a Redemption Price
equal to 100% of the principal amount hereof plus accrued
interest to the Redemption Date. For this Security to be
submitted for such redemption, the Company must receive
at the office of one of the Paying Agents, prior to the
close of business on the last day of such Exercise
Period, this Security accompanied by written notice to
the Company (which shall be substantially in the form of
the form of notice hereon) that the Holder hereof
instructs the Company to redeem this Security. Such
notice duly received shall be irrevocable.
Notice of redemption will be given by mail to
Holders of Securities, not less than 30 nor more than 60
days prior to the date fixed for redemption, all as
provided in the Indenture.
In the event of redemption of this Security in part
only, a new Security or Securities of this series and of
like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the
cancellation hereof.
The Indenture contains provisions for defeasance of
the entire indebtedness of this Security upon compliance
by the Company with certain conditions set forth therein.
If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal
of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the
Indenture.
The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the
modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the
Holders of 66-2/3% in principal amount of the Securities
at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of
the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series,
to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not
notation of such consent or waiver is made upon this
Security.
As set forth in, and subject to, the provisions of
the Indenture, no Holder of any Security of this series
will have any right to institute any proceeding with
respect to the Indenture or for any remedy thereunder,
unless such Holder shall have previously given to the
Trustee written notice of a continuing Event of Default
with respect to this series, the Holders of not less than
25% in principal amount of the Outstanding Securities of
this series shall have made written request, and offered
reasonable indemnity, to the Trustee to institute such
proceeding as trustee, and the Trustee shall have
received from the Holders of a majority in principal
amount of the Outstanding Securities of this series a
direction inconsistent with such request and shall have
failed to institute such proceeding within 60 days;
provided, however, that such limitations do not apply to
a suit instituted by the Holder hereof for the
enforcement of payment of the principal of (and premium,
if any) or interest on this Security on or after the
respective due dates expressed herein.
No reference herein to the Indenture and no
provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of (and
premium, if any) and interest on this Security at the
times, place and rate, and in the coin or currency,
herein prescribed.
As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon
surrender of this Security for registration of transfer
at the office or agency of the Company in The City of New
York, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to
the designated transferee or transferees.
The Securities of this series are issuable only in
registered form, without coupons, in denominations of
$100,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this
series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of
a different authorized denomination, as requested by the
Holder surrendering the same.
No service charge shall be made for any such
registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection
therewith.
Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the
owner hereof for all purposes, whether or not this
Security is overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the
contrary.
All terms used in this Security which are defined in
the Indenture shall have the meanings assigned to them in
the Indenture.
The following abbreviations, when used in the
inscription on the face of the within Security, shall be
construed as though they were written out in full
according to applicable laws or regulations.
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of
survivorship and not as tenants in common
UNIF GIFT MIN ACT - Custodian
________________________
(Cust) (Minor)
under Uniform Gifts to Minors
Act___________
(State)
Additional abbreviations may also be used though not in
the above list.
________________
FOR VALUE RECEIVED the undersigned hereby sells,
assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE:__________________________
_________________________________________________________
(NAME AND ADDRESS OF ASSIGNEE, INCLUDING ZIP CODE,
MUST BE PRINTED OR TYPEWRITTEN)
_________________________________________________________
_________________________________________________________
the within Security, and all rights thereunder, hereby
irrevocably constituting and appointing
________________________________________________, attorney
to transfer said Security on the books of the Company,
with full power of substitution in the premises.
Dated: ______________________
Notice: The signature to this assignment must correspond
with the name as it appears upon the face of the within
Security in every particular, without alteration or
enlargement or any change whatever.
FORM OF NOTICE OF REDEMPTION AT HOLDER'S OPTION
To: INTERNATIONAL PAPER COMPANY
The undersigned Holder of this Security hereby
irrevocably instructs the Company to redeem this Security
in accordance with the terms of the Indenture referred to
in this Security.
The instruction being given in exercise of the
Holder's option to require redemption of this Security to
the extent provided in such Indenture upon a Change in
Control of the Company.
Dated:________________
______________________________
Signature
If only a portion of this
Security is submitted for
redemption, please indicate:
1. Principal Amount
submitted for redemption:
U.S.$_________________
2. Amount and denomination
of Registered Securities
representing principal
amount of this Security
not submitted for
redemption to be issued:
Amount:
U.S.$____________
Denominations:
U.S.$_____________________
(U.S.$5,000 or an
integral multiple
thereof)
Note: Exercise of the option to require redemption is
irrevocable.
<TABLE>
<CAPTION>
(Exhibit 12(a))
INTERNATIONAL PAPER COMPANY AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollar amounts in millions)
(unaudited)
For the Years Ended December 31, Six Months Ended
June 30,
<S> <C> <C> <C> <C> <C> <C> <C>
TITLE 1989 1990 1991 1992 1993 1993 1994
A) Earnings before income taxes,
extraordinary item and
accounting changes $ 1404.7 $ 945.9 $ 637.9 $ 206.1 $ 500.0 $ 223.1 $ 245.0
B) Add: Fixed charges excluding
capitalized interest 250.4 336.2 380.3 325.3 365.3 178.6 189.7
C) Add: Amortization of previously
capitalized interest 8.4 8.6 9.9 9.9 12.2 6.0 6.2
D) Less: Equity in undistributed
earnings of affiliates (6.7) (9.4) (10.8) (19.1) (25.9) (15.5) (23.7)
E) EARNINGS BEFORE INCOME TAXES,
EXTRAORDINARY ITEM, ACCOUNTING
CHANGES AND FIXED CHARGES $ 1,656.8 $ 1,281.3 $ 1,017.3 $ 522.2 $ 851.6 $ 392.2 $ 417.2
FIXED CHARGES
F) Interest and amortization of
debt expense $ 228.7 $ 309.5 $ 351.1 $ 297.1 $ 334.5 $ 164.0 $ 171.8
G) Interest factor attributable
to rentals 21.7 26.7 29.2 28.2 30.8 14.6 17.9
H) Capitalized interest 10.9 26.3 36.4 42.0 12.2 7.5 5.7
I) TOTAL FIXED CHARGES $ 261.3 $ 362.5 $ 416.7 $ 367.3 $ 377.5 $ 186.1 $ 195.4
J) RATIO OF EARNINGS TO FIXED
CHARGES 6.34 3.53 2.44 1.42 2.26 2.11 2.14
</TABLE>
