Mar 13, 2009. /Lesprom Network/. International Paper Company raised approximately $470 million from a syndicate of banks to refinance the majority of its Euro 500 million bank term loan, which had a maturity date of August 2009. The new term loan matures in March 2012, as the company informed Lesprom Network. The company used available cash on hand to pay off the remaining loan balance of approximately $170 million. Including the repayment of approximately $365 million of notes in January 2009, International Paper has repaid $535 million of debt year to date. The company has $530 million of remaining debt maturities in 2009, of which it plans to repay $195 million with cash on hand and extend the maturity date on the balance of $335 million as follows: 1) The company plans to exercise its option to extend the maturity dates on $165 million of notes associated with timber monetization transactions and refinance approximately $55 million of other debt. 2) The company's 50%-owned Sun joint venture in China plans to refinance $115 million of local bank debt with existing lenders. At the end of February, International Paper had about $900 million in cash on hand and had no borrowings on either its revolving credit facility or accounts receivable securitization facility. "We are pleased to complete this transaction in a very challenging credit environment," said Chairman and CEO John Faraci. "We remain committed to reducing our debt and maintaining a solid liquidity position." International Paper is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company.