International Paper Company (NYSE:IP) announced the spin-off of 80.01% stake of printing papers segment on December 3, 2020. Pursuant to the terms of the spin-off, International Paper Company will distribute shares of the printing papers segment to SpinCo to the shareholders of International Paper Company, which in turn will be retained up to 19.99% by International Paper Company. The transaction will result in two streamlined, leading companies well positioned for long-term success.

As of April 16, 2021, post completion, the new entity will have the name of Sylvamo Corp. Immediately following the spinoff of the Printing Papers business to International Paper shareholders, Sylvamo will be a new, publicly-traded company, to be listed on the New York Stock Exchange. As of August 9, 2021, International Paper Company is proud to announce Sylvamo Corporation as the name of its global paper's spinoff, with headquarters planned for Memphis, Tennessee.

Sylvamo Corporation also intends to offer $500 million aggregate principal amount of senior unsecured notes due 2029 in connection with the transaction. The proposed spin-off is subject to customary conditions, including final approval by the International Paper Company Board of Directors, receipt of a tax opinion and the filing and effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission. Sylvamo, currently a subsidiary of International Paper, will be governed by a nine-member board comprising of Stan Askren, Christine Breves, Jeanmarie Desmond, Lizanne Gottung, Joia Johnson, David Petratis, Jean-Michel Ribiéras, Paul Rollinson and James Zallie with eight Independent Directors.

Jean-Michel Ribiéras, Senior Vice President, Global Papers, will serve as the company's Chairman and Chief Executive Officer. As of September 14, 2021, A registration statement on Form 10 relating to the Sylvamo common stock has been declared effective by the Securities and Exchange Commission. As of August 23, 2021, the record date of the transaction is set on September 15, 2021.

The distribution ratio is expected to be one share of Sylvamo common stock for every 11 shares of International Paper common stock. Sylvamo common stock is expected to begin trading on a "when-issued" basis on the NYSE under the symbol "SLVM WI" beginning on September 14, 2021. The transaction is expected to close on October 1, 2021.

J.P. Morgan Securities LLC and Perella Weinberg Partners (NasdaqGS:PWP) acted as financial advisors and Eric Juergens, Peter Loughran, Emily Huang, Bill Regner, Jeffrey Rosen, Keith Slattery, Philippe Tengelman, Pierre Maugüé, Sunil Savkar, Christopher Rosekrans, Lawrence Cagney, Franklin Mitchell, Christopher Garrett, Peter Schuur, Henry Lebowitz,Ted Hassi and Stuart Hammer of Debevoise & Plimpton LLP acted as legal advisors to International Paper Company.