International Paper (IP) has started a private placement with institutional investors to raise funds of around 710m ($1bn), with the issuing of Zero Coupon Convertible Debentures.
The debentures are due on 20 June, and initial purchasers will have the option to acquire up to an additional 106m.
IP has also acquired Nextier Solutions Corporation, a developer of web-based collaborative commerce systems for the paper, printing, catalogue and magazine publishing industry. It will operate as a wholly-owned subsidiary of IP.
IP Europe is also one of the founding partners of the pan-European electronic trading portal Expresso (PrintWeek, 4 May), and was one of the original partners in PaperExchange.
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