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IP Restructures Debt
International Paper Co. (IP - Analyst Report) shares rallied 2 days in a row as investors regained some confidence in the company's liquidity, after it refinanced a large loan due in August, even amid the ongoing credit crunch.
On Monday, the paper and packaging products maker said it refinanced the 500 million euro (nearly $645 million) loan by securing $470 million through a new credit agreement that matures in March 2012 and repaying the remaining amount using available cash.
Analysts also said going forward, International Paper may benefit from alternative fuel tax credits.
Shares of the company were up nearly 14% to $7.19 at noon on Tuesday. International Paper has shed more than 40% of its value so far this year.
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| Market Summary | Nov 21, 2009 20:11 pm ET |
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