EXHIBIT 99.1



News Release

Media Contacts:     Jack Cox, (203) 541-8407
- --------------      Jenny Boardman, 901-763-5944

Analyst Contacts:   Carol Tutundgy, 203-541-8632;
- ----------------    Darial Sneed, 203-541-8541

        International Paper Announces Offering Of $1 Billion Zero Coupon
                             Convertible Debentures


STAMFORD, Conn. - June 13, 2001 - International Paper Company (NYSE:IP)
announced that it has commenced a private placement with institutional investors
to raise proceeds of approximately $1 billion from the issuance of Zero Coupon
Convertible Debentures due June 20, 2021. The initial purchasers will also have
the option to purchase up to an additional $150 million, subject to an
over-allotment option. The Debentures provide put options in years 3, 5, 10 and
15 and may not be redeemed prior to June 20, 2005. The Debentures will be
convertible into the common stock of the Company only if (i) the closing price
of the Company's common stock for at least 20 of the 30 trading days prior to
conversion is more than a specified percentage, initially 120% and declining
over the life of the Debentures to 110% of the accreted conversion price; (ii)
the Company calls the Debentures for redemption, or (iii) the Company's credit
ratings are downgraded by both Moody's and Standard & Poor's to below Baa3 and
BBB-, respectively. The Company will use the proceeds of the offering to
refinance commercial paper. The offering is scheduled to close on or about June
20, 2001.

The securities will not be and have not been registered under the Securities Act
of 1933 and may not be offered or sold in United States absent registration or
an applicable exemption from registration requirements.

This news release does not constitute an offer to sell or the solicitation of an
offer to buy the securities. Any offer of the securities will be made only by
means of a private offering memorandum.

International Paper (http://www.internationalpaper.com) is the world's largest
paper and forest products company. Businesses include paper, packaging, and
forest products. As one of the largest private forest landowners in the world,
the company manages its forests under the principles and guidelines of the
Sustainable Forestry Initiative (SFI'sm') program, a system that ensures the
perpetual planting, growing and harvesting of trees while protecting wildlife,
plants, soil, air and water quality. Headquartered in the United States, at
Stamford, Conn., International Paper has operations in nearly 50 countries,
employs more than 113,000 people and exports its products to more than 130
nations.

                                     # # # #