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Pricing Supplement No. 5 For SEC Filing Purposes:
Dated: May 12, 1994 Filed Under Rule 424(b)(2)
To Prospectus dated April 13, 1994 Registration Nos. 33-52945
Prospectus Supplement dated May 2, 1994 33-48167
Principal Amount $3,000,000
INTERNATIONAL PAPER COMPANY
MEDIUM-TERM NOTES, SERIES E
Due 9 Months or More from Date of Issue
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Date of Issue: May 19, 1994 Spread: N/A
Spread Multiplier: N/A
Maturity Date: May 15, 2009 Maximum Interest Rate, if any: N/A
Minimum Interest Rate, if any: N/A
____ Zero-Coupon Note Interest Calculation Dates: N/A
__X_ Fixed Rate Note Calculation Agent: N/A
Regular Record Dates:
Each March 15 and September 15 Put Right Termination Date if Other Than
Interest Payment Dates: Maturity Date (N/A If Put Right Not Available): N/A
Each April 1 and October 1 Repurchase Price (If Other Than 100% of
____ CD Rate Note Principal Amount): N/A
____ Commercial Paper Rate Note Redemption Date: N/A
____ Federal Funds Rate Note Redemption Premium: N/A
____ LIBOR Note Premium Reduction Amount: N/A
____ Prime Rate Note
____ Treasury Rate Note
Currency or Currency Units: U.S. Dollars Original Issue Discount Security: N/A
Issue Price (As a Percentage of Principal Amount): 100.00% ____ For Federal Income Tax Purposes
Interest Rate/Initial Interest Rate: 8.03% ____ Subject to Special Provisions
Interest Payment Dates: Issue Date for Calculating OID: N/A
Interest Reset Dates: N/A Original Issue Discount: N/A
Interest Payment Period: N/A Original Issue Discount
Interest Rate Reset Period: N/A Applicable to Short Accrual Period: N/A
Interest Determination Dates: N/A Computed under (exact___)
(approximate___) method
Yield to Maturity: N/A
Index Maturity: N/A Default Rate (only applicable if OID Security): N/A
Amortized Face Amount: N/A
Redemption Price: No redemption prior to maturity.
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The Redemption Price shall initially be 100% of the principal amount of this
Security plus the Redemption Premium, if any, and shall decline at each
anniversary of the Redemption Date by the annual Premium Reduction Amount, if
any, until the Redemption Price is 100% of such principal amount; provided,
however, that if this Security is an Original Issue Discount Security subject to
Special Provisions, the Redemption Price shall be the Amortized Face Amount plus
the Redemption Premium, if any, which shall decline at each anniversary of the
Redemption Date by the annual Premium Reduction Amount until the Redemption
Price equals the Amortized Face Amount.
Other Terms: CUSIP #46014H BT5
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CS FIRST BOSTON
