Verso Paper Announces Extension of Exchange Offers, Consent Solicitations
MEMPHIS, TN—February 21, 2014—Verso Paper announced today that two of its wholly-owned subsidiaries, Verso Paper Holdings and Verso Paper (collectively, the "Issuers"), have extended the expiration date for their previously announced exchange offers and consent solicitations with respect to their outstanding 8.75 percent Second Priority Senior Secured Notes due 2019 (the "Old Second Lien Notes") and 11 3/8 percent Senior Subordinated Notes due 2016 (the "Old Subordinated Notes") from 5:00 p.m., New York City time, on Thursday, February 20, 2014, to 5:00 p.m., New York City time, on Thursday, February 27, 2014, unless further extended. All other terms, provisions and conditions of the exchange offers and consent solicitations will remain in full force and effect. Such terms, provisions and conditions are set forth in the Issuers' confidential offering memorandum and consent solicitation statement dated as of January 13, 2014, and the related consent and letter of transmittal (collectively, the "Exchange Offer Documents"), copies of which were previously distributed to eligible holders of the Old Second Lien Notes and the Old Subordinated Notes.
On January 13, 2014, the Issuers commenced exchange offers to exchange new Second Priority Adjustable Senior Secured Notes (the "New Second Lien Notes") and new Adjustable Senior Subordinated Notes (the "New Subordinated Notes") for any and all of their outstanding Old Second Lien Notes and Old Subordinated Notes, respectively. In connection with the exchange offers, the Issuers have solicited consents to amend the Old Second Lien Notes, the Old Subordinated Notes and the indentures governing the Old Second Lien Notes and the Old Subordinated Notes.
As of 5:00 p.m., New York City time, on Thursday, February 20, 2014, the Issuers have been informed by the exchange agent that approximately $8.1 million aggregate principal amount of the Old Second Lien Notes and approximately $2.8 million aggregate principal amount of the Old Subordinated Notes had been tendered for exchange.
Verso Paper is a leading North American producer of coated papers, including coated groundwood and coated freesheet, and specialty products. Verso is headquartered in Memphis, TN, and owns three paper mills located in Maine and Michigan. Verso's paper products are used primarily in media and marketing applications, including magazines, catalogs and commercial printing applications such as high-end advertising brochures, annual reports and direct-mail advertising.