<SEC-DOCUMENT>0000950123-21-007876.txt : 20211004
<SEC-HEADER>0000950123-21-007876.hdr.sgml : 20211004
<ACCEPTANCE-DATETIME>20210615133036
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-21-007876
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sylvamo Corp
		CENTRAL INDEX KEY:			0001856485
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPER MILLS [2621]
		IRS NUMBER:				862596371
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		6400 POPLAR AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38197
		BUSINESS PHONE:		901-419-9000

	MAIL ADDRESS:	
		STREET 1:		6400 POPLAR AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38197
</SEC-HEADER>
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<TYPE>DRSLTR
<SEQUENCE>1
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;15, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>CONFIDENTIAL SUBMISSION VIA EDGAR </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jennifer Angelini </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Staff Attorney </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-7010 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Sylvamo Corporation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Draft Registration Statement on Form 10 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Submitted April&nbsp;16, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>CIK No.&nbsp;0001856485 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Ms.&nbsp;Angelini: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter sets forth the responses of Sylvamo Corporation (the &#147;<U>Registrant</U>&#148;) to the comments
contained in your letter, dated May&nbsp;13, 2021, relating to the Draft Registration Statement on Form 10, confidentially submitted by the Registrant on April&nbsp;16, 2021 (the &#147;<U>Registration Statement</U>&#148;). The comments of the staff
of the U.S. Securities and Exchange Commission (the &#147;<U>Staff</U>&#148;) are set forth in bold italicized text below, and the Registrant&#146;s responses are set forth in plain text immediately following each comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant is submitting confidentially today, via EDGAR, Amendment No.&nbsp;1 to the Registration Statement (&#147;<U>Amendment
No.</U><U></U><U>&nbsp;1</U>&#148;). Capitalized terms used but not defined herein have the meanings assigned to them in Amendment No.&nbsp;1. All references herein to page numbers correspond to the page numbers in Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Draft Registration Statement on Form 10 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Business Segment Results, page 81 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note you disclose Net Sales and Operating Profit (Loss) for each of your three operating segments;
however, it is not clear to us how the amounts disclosed and discussed in the related narrative disclosures correlate to changes in the segment financial measures you present. Please revise your narrative disclosures to ensure you adequately
quantify and discuss the factors that impacted the segment financial measures you present during each period. </I></B></P></TD></TR></TABLE>
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<TD VALIGN="top">J. Angelini</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">June 15, 2021</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrant has revised the narrative disclosure within &#147;Management&#146;s Discussion
and Analysis of Financial Condition and Results of Operations&#151;Results of Operations&#151;Business Segment Results&#148; on pages <FONT STYLE="white-space:nowrap">93-95</FONT> to clarify the factors that impacted the segment financial measures
presented for each of the three operating segments during the periods presented. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Results of Operations </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>2019 Compared to 2018, page 81 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your discussion of net sales and income taxes for the periods. Please expand the discussion of
your consolidated results to provide a more comprehensive and quantified discussion and analysis of the factors that impacted other line items such as, but not limited to, selling and administrative expenses and distribution expenses, as applicable.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrant has expanded the discussion of its combined results within &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#151;Results of Operations&#151;2019 Compared to 2018&#148; on page 91 to provide a more comprehensive and quantified discussion and analysis of the factors that impacted line items with
material year-over-year changes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Registration Rights Agreements, page 84 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please disclose whether there are any maximum cash penalties under the registration rights agreement, if
applicable. Please also disclose any additional penalties resulting from delays in registering your common stock. Please ensure any disclosures required by ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">825-20-50-1</FONT></FONT></FONT> are provided. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The registration rights agreement will
not contain any cash penalties, nor will any penalties result from delays by the Registrant in registering its common stock pursuant to the registration rights agreement. Accordingly, the Registrant believes that no disclosures are required by ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">825-20-50-1.</FONT></FONT></FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Business&#151;Our Raw
Materials, page 110 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note Sylvamo has long-term harvesting rights on 865,000 acres of government-owned forestland in
Russia, that yield 2.3&nbsp;million tons of wood fiber used as raw material in its mill. Please consider whether the nature and duration of these harvesting rights should be described in light of the requirements of Item 101(c)(1)(iii) and/or
(iv)&nbsp;of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrant has added disclosure
regarding the nature and duration of the harvesting rights within &#147;Business&#151;Our Raw Materials&#151;European paper mills&#148; on page 120. </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3</TD>
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<TD VALIGN="top" ALIGN="right">June 15, 2021</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Directors and Executive Officers, page 119 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note that only one director is currently identified (Chairman Jean-Michel Ribi&eacute;ras) and that
the Company states, &#147;We are in the process of identifying independent directors to serve on our board of directors at or following the time of the distribution.&#148; Please advise as to the timeframe within which the Company intends to
determine the size and composition of the Board of Directors. If the Information Statement will not be amended prior to effectiveness to include the requisite information for directors and nominees, please consider revising to indicate when the
director nomination process will be completed and the means by such information will be provided to shareholders. In addition, please specify the period, if any, during which Mr.&nbsp;Ribi&eacute;ras has served as a director of Sylvamo as required
by Item 401(a) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrant is in the process of
identifying additional directors to serve on the Registrant&#146;s board of directors. The Registrant intends to determine the size and composition of the board of directors prior to effectiveness of the Registration Statement and plans to disclose
the requisite information for directors and director nominees in a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment to the Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, the Registrant has updated Mr.&nbsp;Ribi&eacute;ras&#146; biography under &#147;Management&#151;Directors and Executive
Officers&#148; on page&nbsp;129 to disclose that Mr.&nbsp;Ribi&eacute;ras has served as a director of the Registrant since March 2021. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Executive
Compensation, page 123 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note the Company has not provided historical compensation information pursuant to Item 402(a) and Item
407(e)(4) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> Please address the absence of this disclosure in light of the guidance contained in Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> Compliance and Disclosure Interpretation
217.01. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrant does not believe that any historical compensation information is required to be reported
for the individuals that are expected to become the Registrant&#146;s named executive officers (&#147;<U>NEOs</U>&#148;) in light of the guidance contained in Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> Compliance and Disclosure
Interpretation 217.01 (&#147;<U>Question 217.01</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Under the analytical framework set forth in Question 217.01, the facts and
circumstances are such that the separation of the Registrant should be treated like the initial public offering of a new <FONT STYLE="white-space:nowrap">&#147;spun-off&#148;</FONT> registrant for purposes of Item 402 disclosure. Question 217.01
contemplates a facts and circumstances analysis focused on two primary factors: (1)&nbsp;whether the <FONT STYLE="white-space:nowrap">spun-off</FONT> entity was a reporting company or separate division before the
<FONT STYLE="white-space:nowrap">spin-off</FONT> and (2)&nbsp;whether there exists continuity of management of the <FONT STYLE="white-space:nowrap">spun-off</FONT> registrant. We address each factor below. </P>
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<TD VALIGN="top">J. Angelini</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">June 15, 2021</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Today, the operations of International Paper and its subsidiaries consist of three reportable
segments: Industrial Packaging, Global Cellulose Fibers and Printing Papers. International Paper will continue to own and operate its Industrial Packaging and Global Cellulose Fibers businesses following the distribution. The Registrant, a newly
formed subsidiary of International Paper, was formed to hold various International Paper assets relating to the Printing Papers segment of International Paper, along with certain coated paperboard and pulp businesses in North America, Brazil, France
and Russia, some of which historically have been included in the Industrial Packaging and Global Cellulose Fibers segments of International Paper. In addition, following the distribution, International Paper will retain certain assets related to the
Printing Papers segment, including the paper machines at the Georgetown, South Carolina and Riverdale, Alabama mills and certain intellectual property. Finally, the Registrant was not historically, and will not be, a reporting company prior to the
effectiveness of the Registration Statement. Therefore, the Registrant should be considered a &#147;newly formed subsidiary consisting of portions of several different parts of the parent&#146;s business&#148; under the first factor in Question
217.01. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The individuals expected to become the Registrant&#146;s NEOs primarily include executive officers and other employees of
International Paper with roles unrelated to the Registrant&#146;s business (with the exception of one individual whose authority and responsibilities will be different following the separation of the Registrant from International Paper). As a
result, the Registrant believes that the expected NEOs do not represent a &#147;continuity of management&#148; within the meaning of Question 217.01. In particular, Question 217.01 identifies three elements that would lead to a conclusion that there
is continuity of management, namely that &#147;before and after the <FONT STYLE="white-space:nowrap">spin-off</FONT> the executive officers of the subsidiary: (1)&nbsp;were the same; (2)&nbsp;provided the same type of services to the subsidiary; and
(3)&nbsp;provided no services to the parent.&#148; These elements are not present in this case. As described below, prior to January 2021, only one of the expected NEOs of the Registrant had a role with the Printing Papers segment of International
Paper. The four other expected NEOs provided services to International Paper&#146;s other businesses or served in a broad corporate function unrelated to the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT>
operations of the Printing Papers segment and, accordingly, did not provide the same type of services to the Printing Papers segment of International Paper that the NEOs are expected to provide following the separation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The individuals described below are those executive officers who would have been the Registrant&#146;s NEOs for 2020. Given their current and
past employment with International Paper and expected future employment with the Registrant, continuity of management is not present and historical compensation would not be useful for investors. </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">5</TD>
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<TD VALIGN="top" ALIGN="right">June 15, 2021</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Jean-Michel Ribi&eacute;ras</I> is expected to serve as Chief Executive Officer of the Registrant. He has
served as Senior Vice President &#150; Paper the Americas of International Paper since January 2021, a role he assumed after the public announcement of the <FONT STYLE="white-space:nowrap">spin-off,</FONT> following many years with International
Paper in positions unrelated to the Registrant&#146;s business. Prior to his current role, Mr.&nbsp;Ribi&eacute;ras served as Senior Vice President &#150; Industrial Packaging the Americas of International Paper from June 2018 until January 2021, a
role in which his responsibilities related solely to the Industrial Packaging business of International Paper.&nbsp;&nbsp;&nbsp;&nbsp; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>John Sims</I> is expected to serve as Senior Vice President and Chief Financial Officer of the Registrant. He
has served as Senior Vice President &#150; Finance, Paper the Americas of International Paper since January 2021. Similar to Mr.&nbsp;Ribi&eacute;ras, Mr.&nbsp;Sims assumed this new role after the public announcement of the <FONT
STYLE="white-space:nowrap">spin-off,</FONT> following many years with International Paper in positions unrelated to the Registrant&#146;s business. From December 2019 until January 2021, Mr.&nbsp;Sims served as Senior Vice President &#150; Corporate
Development of International Paper, a role in which his responsibilities related to the entire International Paper organization. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Thomas Cleves</I> is expected to serve as Senior Vice President, Corporate Affairs of the Registrant. He has
served as Vice President &#150; Global Citizenship of International Paper since 2015, with responsibility for sustainability, community engagement, communications and corporate marketing for the entire International Paper organization.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Patrick Wilcynski</I> is expected to serve as Senior Vice President, Operational Excellence of the Registrant.
He has served as Vice President &#150; Capital Effectiveness of International Paper since 2019, a role in which his responsibilities relate to the entire International Paper organization. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Greg Gibson</I> is expected to serve as Senior Vice President and General Manager, North America of the
Registrant. He has served as Vice President and General Manager of North American Papers of International Paper since 2016. Accordingly, Mr.&nbsp;Gibson is the only expected NEO who had a position within the Printing Papers segment in 2020 and prior
to the announcement of the <FONT STYLE="white-space:nowrap">spin-off.</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Since no compensation received by four of
the five expected NEOs of the Registrant in 2020 was related to their work for the Registrant or International Paper&#146;s Printing Papers segment, historical compensation would not be indicative of future compensation for services rendered to the
Registrant, including future compensation based on new performance measures to be adopted by the Registrant&#146;s compensation committee. While one of the five expected NEOs of the Registrant, Mr.&nbsp;Gibson, serves in a position at International
Paper that is similar to the position he is expected to hold at the Registrant, his authority and responsibilities will be different following the separation as the Registrant assumes its own corporate identity separate from International Paper.
</P>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top">J. Angelini</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">June 15, 2021</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the foregoing reasons, the Registrant believes that the separation of the Registrant
should be treated like the initial public offering of a new <FONT STYLE="white-space:nowrap">&#147;spun-off&#148;</FONT> registrant for purposes of Item 402 disclosure. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the reference to Item 407(e)(4) in the Staff&#146;s comment, the Registrant has added a new subsection within &#147;Executive
Compensation&#148; on page 133 entitled &#147;Compensation Committee Interlocks and Insider Participation,&#148; which clarifies that the Registrant was not an independent company and did not have a compensation committee or any other committee
serving a similar function during the fiscal year ended December&nbsp;31, 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Security Ownership of Certain Beneficial Owners and Management, page
124</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>7.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note the table in this section is based on each person&#146;s beneficial ownership of International
Paper common stock on the record date. In light of recent 13G and 13G/A filings in respect of International Paper&#146;s shares, please revise the table as appropriate to include <FONT STYLE="white-space:nowrap">non-management</FONT> beneficial
owners, including their addresses as specified by Item 403(a) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrant has updated the beneficial ownership table on page 135 to include information with respect to stockholders expected to own
beneficially more than 5% of the Registrant&#146;s outstanding common stock after the distribution, based on such stockholders&#146; beneficial ownership of International Paper common stock as disclosed in their respective most recent
Section&nbsp;13 beneficial ownership filings. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General, page <FONT STYLE="white-space:nowrap">F-1</FONT> </U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>8.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please note the updating requirements of Rule <FONT STYLE="white-space:nowrap">3-12</FONT> of Regulation <FONT
STYLE="white-space:nowrap">S-X.</FONT> </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrant acknowledges the updating requirements of Rule <FONT
STYLE="white-space:nowrap">3-12</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> and advises the Staff that it will include interim financial statements as of and for the six months ended June&nbsp;30, 2021 and June&nbsp;30, 2020 in
a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment to the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 9 Income Taxes, page <FONT
STYLE="white-space:nowrap">F-24</FONT> </U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>9.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your disclosures on page <FONT STYLE="white-space:nowrap">F-27</FONT> related to the Brazilian
Federal Revenue Service. Please clarify the amount of the surety bond provided by International Paper that you may be required to replace. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The amount of the surety bond outstanding was approximately 1,742.2&nbsp;billion Brazilian reais as of March&nbsp;31, 2021. The Registrant
plans to disclose the amount of the surety bond in a note to its unaudited interim financial statements as of and for the six months ended June&nbsp;30, 2021 and June&nbsp;30, 2020 to be included in a
<FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment to the Registration Statement. </P>
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<TD VALIGN="top">J. Angelini</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">June 15, 2021</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding this letter, please do not hesitate to call me at (212) <FONT STYLE="white-space:nowrap">909-6301</FONT>
or Peter J. Loughran at (212) <FONT STYLE="white-space:nowrap">909-6375.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Best Regards,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Eric T. Juergens</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Eric T. Juergens</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jay Ingram </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Anne Mcconnell </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ernest Greene
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Alan Haguewood </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">International Paper Company </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Matthew Barron </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Sylvamo
Corporation </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
