Verso Paper Corp. (NYSE: VRS) announced today that it has amended certain terms of its previously announced exchange offer and consent solicitation of two of its subsidiaries, Verso Paper Holdings LLC and Verso Paper Inc. (together, the “Issuers”), with respect to their second priority senior secured floating rate notes due 2014 (the “Old Notes”).
Initially, only those holders that validly tendered their Old Notes prior to the previously scheduled early tender date of 5:00 p.m., New York City time, on April 10, 2012, were entitled to receive the total consideration of $1,000 in principal amount of new 9.75% Secured Notes due 2019 (the “New Notes”) per $1,000 in principal amount of Old Notes tendered, which includes an early tender payment of $50 per $1,000 in principal amount of Old Notes tendered (the “Total Consideration”). The Issuers have now determined that all holders that validly tender their Old Notes prior to 11:59 p.m., New York City time, on April 24, 2012, which is the expiration date of the exchange offer and consent solicitation, will be entitled to receive the Total Consideration. Tendered Old Notes may no longer be withdrawn, except to the extent that the Issuers are required by law to provide additional withdrawal rights.
In addition, the Issuers are amending the terms of the exchange offer and consent solicitation by waiving the condition requiring receipt of tenders (and associated consents) from holders of more than 50% of the outstanding Old Notes.
Except as set forth herein, the complete terms and conditions of the exchange offer and consent solicitation for the Old Notes remain the same as set forth and detailed in the Issuers’ confidential offering memorandum and consent solicitation statement dated as of March 28, 2012, and the related consent and letter of transmittal (the “Exchange Offer Documents”), copies of which were previously distributed to eligible holders of the Old Notes.
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