Miamisburg, Ohio, USA, 13 February 2012 -- /PRNewswire -- NewPage Corporation announced today that it is seeking to amend its amended and restated superpriority debtor-in-possession credit and guaranty agreement dated as of 23 September 2011. Among other things, NewPage is seeking to reduce the minimum consolidated adjusted EBITDA covenant and in conjunction would increase the notes payment reserve. In addition, NewPage intends to obtain the flexibility for cash collateralized letters of credit to mature beyond the term of the debtor-oin-possession credit facility.
Obtaining these amendments requires consent of a certain portion of the lenders and some of the amendments may require the approval of the United States Bankruptcy Court for the District of Delaware. There are no assurances that NewPage will be successful in its negotiations with the lenders or in obtaining court approval.
NewPage is the leading producer of printing and specialty papers in North America, with USD 3.6 billion in net sales for the year ended 31 December 2010. NewPage is headquartered in Miamisburg, Ohio, and owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota, and Wisconsin. These mills have a total annual production capacity of approximately 3.5 million tons of paper. The company's product portfolio is the broadest in North America and includes coated, specialty, supercalendered, and uncoated papers. These papers are used in commercial printing to create corporate collateral, magazines, catalogs, books, coupons, inserts, and direct mail, and as in specialty paper applications including beverage bottle labels, food and medical packaging, pressure-sensitive labels and release liners. To learn more, visit www.NewPageCorp.com.