Sylvamo slides as International Paper exits in block trade

Sylvamo

08/09/2022 12:21

** Sylvamo's  SLVM.N  shares down 5.5% at $38.24 premarket
on report of block sale by International Paper  IP.N  
    ** Sources say Citigroup re-offering ~4.6 mln SLVM shares at
$36-$37.25, up to 11% discount to last sale
    ** IP divesting remaining 10.5% stake in SLVM since
completing spin-off of global printing papers business last Oct
    ** SLVM's stock has gained 45% YTD through Weds close
    ** Co last month posted Q2 sales of $912 mln, up 31% yr/yr,
and said based on strong H1 performance raised FY adj EBITDA
guidance to $740-$780 mln, from prior $725-$775 mln range
 urn:newsml:reuters.com:*:nASA03L47  urn:newsml:reuters.com:*:nBw23ysJga

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))