Logout
Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
Search
My Profile
Login
NewPage Corporation Commences Tender Offer
Print
Dayton, Ohio, USA, 10 July 2006 -- /PRNewswire/ -- NewPage Corporation announced that it has commenced a cash tender offer to purchase certain of its outstanding Notes listed in the table below. The tender offer will expire at 12:00 midnight, Eastern time, on 04 August 2006, unless extended or earlier terminated.

Under the terms of the Offer to Purchase dated today, NewPage is offering to purchase an amount of its outstanding Notes such that the amount NewPage would be required to pay for purchase of the Notes (excluding accrued and unpaid interest) would not exceed USD 255,000,000 (the "Maximum Purchase Amount"). Each series of Notes tendered by holders will be accepted in order of the acceptance priority level shown below, up to the Principal Purchase Amount for that series shown below and the overall Maximum Purchase Amount.


Principal Acceptance Principal
CUSIP Amount Priority Purchase
Number Title of Security Outstanding Level Amount


651715-AA-2 12% Senior $200,000,000 1 $60,000,000
U65174-AA-9 Subordinated
Notes due 2013


651715-AC-8 Floating Rate $225,000,000 2 $150,000,000
U65174-AB-7 Senior Secured
Notes due 2012

651715-AE-4 10% Senior $350,000,000 3 $350,000,000
U65174-AC-5 Secured Notes
due 2012


Early
CUSIP Tender Offer Tender Total
Number Consideration Premium Consideration


651715-AA-2 $1,080.00 $20.00 $1,100.00
U65174-AA-9

651715-AC-8 $1,112.50 $20.00 $1,132.50
U65174-AB-7

651715-AE-4 $1,062.50 $20.00 $1,082.50
U65174-AC-5

Holders who tender their Notes before 5:00 p.m., Easter time, on 21 July 2006 (the "Early Participation Time"), will, upon acceptance, receive the total consideration, which includes an early participation premium of USD 20.00 per USD 1000 principal amount of Notes purchased. Holders who tender their Notes after the Early Participation Time, but before the Expiration Time will, upon acceptance, receive the tender offer consideration, but not the early participation premium. In all cases, holders of tendered Notes will receive accrued and unpaid interest from the last interest payment date through the day before the date the Notes are purchased. Payment for tendered Notes will be made in same-day funds as soon as practicable after they are accepted for payment.

NewPage may increase the Maximum Purchase Amount or the Principal Purchase Amount for any series of Notes, and may extend the Early Participation Time or the Expiration Time or terminate the offer at any time, subject to applicable law.

If the aggregate principal amount of Notes of any series validly tendered and not withdrawn at the Expiration Time exceeds the applicable Principal Purchase Amount for that series, NewPage will accept Notes of that series for purchase on a pro rata basis subject to the terms of the Offer to Purchase. Except as stated in the Offer to Purchase or as required by applicable law, Notes tendered before the Early Participation Time may only be withdrawn in writing and before the Early Participation Time, and Notes tendered after the Early Participation Time and before the Expiration Time may not be withdrawn.

In conjunction with the Offer to Purchase, NewPage is also soliciting consents to the adoption of proposed amendments to the indentures governing the Floating Rate Senior Secured Notes due 2012 and the 10% Senior Secured Notes due 2012 (the "Consent Notes"). Holders may not tender Consent Notes without delivering consents and may not deliver consents without tendering Consent Notes.

Among other conditions described in the Offer to Purchase, NewPage is obligated to accept for payment and purchase the Notes in the tender offer, and pay for the related consents, only if NewPage's parent, NewPage Holding Corporation, completes its proposed initial public offering and only if NewPage completes its proposed new senior secured credit facility.

This announcement is neither an offer to purchase, nor a solicitation of an offer to purchase, nor a solicitation of tenders or consents with respect to any Notes. The tender offer and the consent solicitation are being made solely pursuant to the Offer to Purchase and the related letter of transmittal.

NewPage has retained Goldman, Sachs & Co. to serve as the dealer manager for the tender offer and the consent solicitation. Questions regarding the tender offer and the consent solicitation may be directed to Goldman, Sachs & Co. at (212) 357-7867 or (800) 828-3182 (toll-free). Requests for documents in connection with the tender offer and the consent solicitation may be directed to Global Bondholder Services Corporation, the information agent for the tender offer and the consent solicitation, at (212) 430-3774 or (866) 470- 3700 (toll-free).

About NewPage Corporation

NewPage Corporation, headquartered in Dayton, Ohio, is a leading U.S. producer of coated papers in North America. With more than 4300 employees, the company operates four integrated pulp and paper manufacturing mills located in Escanaba, Michigan; Luke, Maryland; Rumford, Maine; and Wickliffe, Kentucky. These mills have a combined annual capacity of approximately 2.2 million tons of coated paper. For additional information, please visit the company's Web site at newpagecorp.com.

 

Related Articles:


Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: