Business News

NewPage Corporation Announces Completion of Credit Amendment Process

Monday 14. September 2009 - NewPage Corporation announced today that it has completed amendments to its existing senior secured term loan credit facility and senior secured revolving credit facility.

NewPage has secured a grace period until June 30, 2010 for a number of financial covenants and relaxed covenant tests thereafter, in return for higher rates which reflect the changes in the economy since the company’s covenants were last negotiated.

“The successful completion of our credit agreement amendment process provides us with the covenant relief needed to financially strengthen our company,” stated David J. Prystash, chief financial officer for NewPage. “These amendments provide NewPage the operational and financial flexibility needed to focus on managing the business with a longer term outlook.”