Verso Paper (VRS) IPO Prices at $12
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Verso Paper Corp. (NYSE: VRS) announced that the initial public offering of 14,000,000 shares of its common stock has been priced at $12.00 per share, this was in-line with the lowered target (cut from $16-$18). The stock is expected to start trading after the market open today on the NYSE.
All of the shares are being sold by Verso Paper. In addition, Verso has granted the underwriters a 30-day option to purchase an additional 2,100,000 shares of common stock
Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. acted as joint bookrunning managers for the offering, and Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated and Utendahl Capital Partners, L.P. acted as co-managers.
Based in Memphis, Tennessee, Verso Paper is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and supercalendered products.
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