Pricing Supplement No. 21 For SEC Filing Purposes: Dated: August 2, 1996 Filed Under Rule 424(b)(2) To Prospectus dated April 13, 1994 Registration Nos. 33-48167 & Prospectus Supplement dated May 2, 1994 33-52945 Principal Amount $20,000,000 International Paper Company MEDIUM-TERM NOTES, SERIES E Due 9 Months or More from Date of Issue Date of Issue: August 7, 1996 Spread: 5 basis points Spread Multiplier: N/A Maturity Date: August 7, 1998 Maximum Interest Rate, if any: N/A Minimum Interest Rate, if any: N/A ____ Zero-Coupon Note Interest Calculation Dates: N/A ____ Fixed Rate Note Calculation Agent: N/A ____ CD Rate Note Put Right Termination Date if Other Than ____ Commercial Paper Rate Note Maturity Date (N/A If Put Right Not Available): N/A ____ Federal Funds Rate Note Repurchase Price (If Other Than 100% of X LIBOR Note Principal Amount): N/A ____ Prime Rate Note Redemption Date: N/A ____ Treasury Rate Note Redemption Premium: N/A Currency or Currency Units: U.S. Dollars Premium Reduction Amount: N/A Issue Price (As a Percentage of Principal Amount): 100% Original Issue Discount Security: N/A Interest Rate/Initial Interest Rate: LIBOR ____ For Federal Income Tax Purposes as determined on Telerate page 3750 ____ Subject to Special Provisions Interest Payment Dates: February 7, May 7, August 7, Issue Date for Calculating OID: N/A November 7 Original Issue Discount: N/A Interest Reset Dates: February 7, May 7, August 7, Original Issue Discount November 7 Applicable to Short Accrual Period: N/A Interest Payment Period: N/A Computed under (Exact___) Interest Rate Reset Period: N/A (Approximate___) method: N/A Interest Determination Dates: Second London Yield to Maturity: N/A Business Day preceding an Interest Reset Date Default Rate (only applicable if OID Security): N/A Index Maturity: 3 Months Amortized Face Amount: N/A Redemption Price: No redemption prior to maturity. Other Terms: CUSIP #46014H CK3 - -------------------------------------------------------------------------------------------------------------- MERRILL LYNCH & CO. |