International Paper Co. signed a $750 million, 364-day revolving credit agreement to boost liquidity during the current macroeconomic conditions.
The facility was signed with a syndicate of banks and other financial institutions, including Sumitomo Mitsui Banking Corp., Banco Bilbao Vizcaya Argentaria SA New York branch, BNP Paribas SA and Crédit Agricole Corporate and Investment Bank. Sumitomo Mitsui acted as the administrative agent.
International Paper has an existing $1.5 billion, five-year credit agreement as of Dec. 12, 2016. The company said it has not drawn on either agreement as of March 25.