Verso Paper (VRS) Announces $345M Debt Offering

Verso Paper Corp. (NYSE: VRS) announced today that its subsidiaries, Verso Paper Holdings LLC and Verso Paper Inc. (the “Issuers”), propose to issue $345 million aggregate principal amount of senior secured notes due 2019 (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be guaranteed by certain domestic subsidiaries of Verso.

Verso also announced today that it has received commitments from lenders for a new $150 million asset-based revolving loan facility and a new $50 million first-priority revolving facility. These commitments would be utilized in lieu of Verso's previously announced $100.0 million of commitments for an accounts receivable securitization facility and approximately $55.0 million of commitments to provide a new and/or extended revolving facility under Verso Holdings’ existing senior secured revolving credit facility.

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