Business News
Affiliate of NewPage Corporation Announces Extension of Tender Offer for Subordinated Notes
Monday 17. August 2009 - NP Investor LLC ("NPI"), an affiliate of Cerberus Capital Management, L.P., the indirect controlling shareholder of NewPage Corporation ("NewPage"), announced today that it has extended the Withdrawal Deadline, Early Participation Time and Expiration Time for its previously announced cash tender offer (the "Offer") to purchase certain of NewPage Holding Corporation's outstanding Floating Rate Senior Unsecured PIK Notes due 2013 (the "NewPage Holding PIK Notes") and NewPage's outstanding 12% Senior Subordinated Notes due 2013 (the "12% Senior Subordinated Notes" and, together with the NewPage Holding PIK Notes, the "Subordinated Notes").
The Offer is described in detail in the Offer to Purchase dated July 15, 2009, as amended by the previously distributed press release dated August 10, 2009, and the related Letter of Transmittal (together, the “Offer Documents”).
The Offer has been extended as follows:
— NPI extended the Withdrawal Deadline, previously scheduled for 5:00
p.m., New York City time, on Tuesday, July 28, 2009, to 12:00
Midnight, New York City time, on Friday, August 21, 2009, unless
further extended;
— NPI extended the Early Participation Time, previously scheduled for
12:00 Midnight, New York City time, on Friday, August 14 to 12:00
Midnight, New York City time, on Friday, August 21, 2009, unless
further extended. All holders tendering their Subordinated Notes on
or prior to the new Early Participation Time and whose Subordinated
Notes are accepted for purchase will be eligible to receive the Early
Participation Premium; and
— NPI extended the Expiration Time, previously scheduled for 12:00
Midnight, New York City time, on Friday, August 14, 2009, to 12:00
Midnight, New York City time, on Friday, August 21, 2009, unless
further extended.
The complete terms and conditions of the Offer, except as modified by this press release, are set forth in the Offer Documents. Except as modified by this press release, all terms and conditions of the Offer will remain in full force and effect. Holders are urged to read the Offer Documents, including this press release, carefully before making any decision with respect to the Offer.
As of 3:00 p.m., New York City time, on Friday, August 14, 2009, holders had validly tendered and not withdrawn approximately $176.2 million of NewPage Holding PIK Notes and $93.5 million of 12% Senior Subordinated Notes.
NewPage and NPI have retained Citi to serve as the lead dealer manager for the Offer and Banc of America Securities LLC, Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. are acting as additional dealer managers. Barclays Capital Inc. is acting as co-manager for the Offer. Questions regarding the Offer may be directed to Citigroup Global Markets Inc. at (212) 723-6106 (collect) or (800) 558-3745 (toll-free). Requests for documents in connection with the Offer may be directed to Global Bondholder Services Corporation, the information agent for the Offer at (212) 430-3774 or (866) 470-3700 (toll-free).
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation or sale is being made in any jurisdiction in which such an offer, solicitation or sale would be unlawful.