Sylvamo

International Paper Company on Thursday 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 common stock.

The distribution will be made effective at 12:01 a.m. New York City time on October 1, to International Paper's shareholders of record as of 5 p.m. New York City time on September 15, the previously-announced record date for the distribution.

Each International Paper shareholder will receive one share of Sylvamo common stock for every 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.

Sylvamo common stock began trading on a "when-issued" basis on the NYSE under the symbol "SLVM WI" on September 14, 2021. On October 1, 2021, "regular way" trading under the symbol "SLVM" is expected to begin. The CUSIP number for the Sylvamo common stock will be 871332 102 when regular way trading begins.

Click an emoticon to express your reaction to this article.

1
1
2
0
2

Recommended for you