Verso Paper Corp. (NYSE: VRS) announced today that its subsidiary, Verso Paper Holdings LLC (“Verso Holdings”), will launch a cash tender offer with respect to any and all of the outstanding 11½% senior secured notes due 2014 issued by it and Verso Paper Inc. (the “Notes”).
The Notes and other information relating to the tender offer are set forth in the table below.
|Title of Security||CUSIP and ISINNumbers||AggregatePrincipal AmountOutstanding 1||Tender OfferConsideration 2||Early TenderPayment 3||TotalConsideration 2,3,4|
|11½% senior secured notes due 2014||92532BAB5;US92532BAB5||$315,000,000||$1,025.00||$30.00||$1,055.00|
|1.||As of March 6, 2012.|
|2.||For each $1,000 principal amount of Notes, excluding accrued but unpaid interest thereon which will be paid in addition to the Tender Offer Consideration or the Total Consideration, as applicable.|
|3.||For each $1,000 principal amount of Notes tendered prior to the Early Tender Date.|
|4.||Includes the Tender Offer Consideration and the Early Tender Payment.|
Each holder who validly tenders its Notes prior to 5:00 p.m., New York City time, on March 20, 2012 (as may be extended, the “Early Tender Date”) will receive, if such Notes are accepted for purchase pursuant to the tender offer, the total consideration of $1,055.00 per $1,000 principal amount of Notes tendered, which includes tender offer consideration of $1,025.00 and an early tender payment of $30.00. In addition, accrued interest up to, but not including, the applicable payment date of the Notes will be paid in cash on all validly tendered and accepted Notes. We expect to settle all notes tendered by the Early Tender Date on March 21, 2012.