Verso Paper (VRS) Shares Nearly Double Amid Possible Business Combination with NewPage Corp.
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Shares of Verso Paper (NYSE: VRS) have surged a jaw-dropping 83 percent Tuesday morning following news late Monday the company has held discussions with certain holders of the 11.375% first-lien senior secured notes of NewPage Corporation. The talks are related to a potential business combination involving Verso and NewPage as part of a consensual plan of reorganization in NewPage’s Chapter 11 bankruptcy proceedings.
The terms of Verso’s proposed transaction would provide NewPage’s first-lien noteholders with $1.425 billion of value, consisting of $1.075 billion of new Verso first-lien notes, $150 million of Verso common stock, and $200 million of cash.
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The terms of Verso’s proposed transaction would provide NewPage’s first-lien noteholders with $1.425 billion of value, consisting of $1.075 billion of new Verso first-lien notes, $150 million of Verso common stock, and $200 million of cash.
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