International Paper Company Board of Directors Declares Spin-Off Distribution of Sylvamo Corporation Common Stock
International Paper Company announced that, in connection with its previously announced separation and spin-off of its global papers business, International Paper's board of directors declared a pro rata distribution of approximately 80.1% of the outstanding shares of Sylvamo Corporation (NYSE: SLVM) common stock to be made effective at 12:01 a.m. New York City time on October 1, 2021 to International Paper's shareholders of record as of 5:00 p.m. New York City time on September 15, 2021, the previously-announced record date for the distribution. Each International Paper shareholder will receive one (1) share of Sylvamo common stock for every eleven (11) shares of International Paper common stock held on the record date. Following the distribution, International Paper will own approximately 19.9% of the outstanding shares of Sylvamo common stock. International Paper shareholders will not receive fractional shares of Sylvamo common stock. Instead, fractional shares of Sylvamo common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the International Paper shareholders who would otherwise receive a fractional share of Sylvamo common stock.