Business News
Affiliate of NewPage Corporation Announces Extensions of Debt Tender Offers
Monday 24. 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 Deadlines, Early Participation Times and Expiration Times for its previously announced (i) cash tender offer (the "Subordinated Notes 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") and (ii) cash tender offer (the "Second Lien Notes Offer" and, together with the Subordinated Notes Offer, the "Offers") to purchase certain of NewPage's outstanding Floating Rate Senior Secured Notes due 2012 (the "Floating Rate Notes") and 10% Senior Secured Notes due 2012 (the "10% Notes" and, together with the Floating Rate Notes, the "Second Lien Notes").
The Subordinated Notes Offer is described in detail in the Offer to Purchase dated July 15, 2009 and the related Letter of Transmittal, as amended by the previously distributed press releases dated August 10, 2009 and August 14, 2009 (the “Subordinated Notes Offer Documents”). The Second Lien Notes Offer is described in detail in the Offer to Purchase dated July 15, 2009 and the related Letter of Transmittal, as amended by the Supplement to the Second Lien Notes Offer dated August 10, 2009 and the previously distributed press release dated August 10, 2009 (the “Second Lien Notes Offer Documents” and, together with the Subordinated Notes Offer Documents, the “Offer Documents”).
The Subordinated Notes Tender Offer has been extended as follows:
— NPI extended the Withdrawal Deadline, previously scheduled for 12:00
Midnight, New York City time, on Friday, August 21, 2009, to 12:00
Midnight, New York City time, on Friday, September 4, 2009, unless
further extended;
— NPI extended the Early Participation Time, previously scheduled for
12:00 Midnight, New York City time, on Friday, August 21, 2009, to
12:00 Midnight, New York City time, on Friday, September 4, 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 21, 2009, to 12:00
Midnight, New York City time, on Friday, September 4, 2009, unless
further extended.
The Second Lien Notes Offer has been extended as follows:
— NPI extended the Withdrawal Deadline, previously scheduled for 5:00
p.m., New York City time, on Tuesday, August 11, 2009, to 12:00
Midnight, New York City time, on Friday, September 4, 2009, unless
further extended;
— NPI extended the Early Participation Time, previously scheduled for
12:00 Midnight, New York City time, on Friday, August 21, 2009, to
12:00 Midnight, New York City time, on Friday, September 4, 2009,
unless further extended. All holders tendering their Second Lien
Notes on or prior to the new Early Participation Time and whose Second
Lien 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 21, 2009, to 12:00
Midnight, New York City time, on Friday, September 4, 2009, unless
further extended.
The complete terms and conditions of the Offers, 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 Offers 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 Offers.
As of 11:00 a.m., New York City time, on Friday, August 21, 2009, holders had validly tendered and not withdrawn approximately (i) $151.7 million of NewPage Holding PIK Notes, (ii) $68.6 million of 12% Senior Subordinated Notes, (iii) $82.9 million of Floating Rate Notes and (iv) $141.4 million of 10% Notes.
NewPage and NPI have retained Citi to serve as the lead dealer manager for the Offers 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 Offers. Questions regarding the Offers 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 Offers may be directed to Global Bondholder Services Corporation, the information agent for the Offers 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.