Verso Paper Corp. (NYSE: VRS) has announced the completion of the tender offer (the "Tender Offer") of two of its subsidiaries, Verso Paper Holdings LLC and Verso Paper Inc. (together, the "Issuers") to purchase any and all of the Issuers' outstanding 11.5% senior secured notes due 2014 (the "Notes").
The Tender Offer expired at 11:59 p.m., New York City time, on April 3, 2012 (the "Expiration Date"). As previously announced, the Issuers received tenders from the holders of $270,573,000 aggregate principal amount of the Notes prior to the early tender payment deadline of March 20, 2012, at 5:00 p.m.,New York City time (the "Early Tender Date"), which represented approximately 85.9% of the outstanding Notes. On March 21, 2012, the Issuers accepted for early payment, and paid for, the Notes tendered prior to the Early Tender Date. After the Early Tender Date and prior to the Expiration Date, the Issuers received no additional tenders. The tenders for all Notes received by the Issuers prior to the Expiration Date represented approximately 85.9% of the outstanding Notes. The Issuers intend to redeem the Notes that remain outstanding after completion of the Tender Offer at the applicable redemption price, plus accrued and unpaid interest, on April 30, 2012.
Citigroup Global Markets Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. acted as the Dealer Managers for the Tender Offer.
Source: Verso Paper Corp.