International Paper debt protection costs jump

NEW YORK, March 17 (Reuters) - The cost to insure the debt of International Paper surged 30 percent on Monday after the company said it agreed to acquire Weyerhaeuser Co's (WY.N) packaging business for $6 billion, making it North America's largest corrugated box maker.

International Paper's credit default swaps weakened to around 295 basis points, or $295,000 per year for five years to insure $10 million in debt, from 227 basis points at Friday's close, according to Markit Intraday. (Reporting by Karen Brettell; Editing by Theodore d'Afflisio)