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Verso Paper Amends Certain Terms Of Exchange Offer - Quick Facts

Verso Paper Corp. (VRS) 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.

by RTT Staff Writer

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