Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Verso Paper Amends Certain Terms Of Exchange Offer - Quick Facts

4/11/2012 5:21 PM ET

Verso Paper Corp. (VRS: Quote) announced that it has amended certain terms of its previously announced exchange offer and consent solicitation of two of its subsidiaries, Verso Paper Holdings LLC and Verso Paper Inc. or "Issuers", with respect to their second priority senior secured floating rate notes due 2014 or the "Old Notes".

Initially, only those holders that validly tendered their Old Notes prior to the previously scheduled early tender date on April 10, 2012, were entitled to receive the total consideration of $1,000 in principal amount of new 9.75% Secured Notes due 2019 or the "New Notes" per $1,000 in principal amount of Old Notes tendered, which includes an early tender payment of $50 per $1,000 in principal amount of Old Notes tendered.

The company said that the Issuers have now determined that all holders that validly tender their Old Notes prior to on April 24, 2012, which is the expiration date of the exchange offer and consent solicitation, will be entitled to receive the Total Consideration.

In addition, the Issuers are amending the terms of the exchange offer and consent solicitation by waiving the condition requiring receipt of tenders from holders of more than 50% of the outstanding Old Notes.

Register
To receive FREE breaking news email alerts for Verso Paper Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter. Stocks moved mostly lower during trading on Wednesday, giving back some ground after trending higher over the past several sessions. Selling pressure was relatively subdued, however, limiting the downside for the markets. The major averages all closed in the red, although the tech-heavy Nasdaq underperformed its counterparts by a wide margin. Russian Foreign Minister Sergei Lavrov warned Wednesday that Moscow would retaliate strongly if its "interests" in Ukraine are attacked. He also criticized the Ukrainian administration for relaunching its so-called anti-terrorist operation in the east of the country a day earlier. Lavrov's remarks came in an interview with Russia Today, which published excerpts of the English-language interview to
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.