July 28, 2016 12:39 AM ET

Paper and Forest Products

Company Overview of Verso Paper Holdings, LLC

Company Overview

Verso Paper Holdings LLC manufactures and sells coated papers primarily in North America. The company offers coated groundwood paper, coated freesheet paper, inkjet and digital papers, supercalendered papers, recycled papers, customized product solutions, ultra-lightweight uncoated printing papers, and ultra-lightweight coated and uncoated flexible packaging papers for use in magazines, catalogs, high-end advertising brochures and annual reports, and other media and marketing publications. It also offers market kraft pulp for use in the manufacture of printing and writing paper grades, and tissue products. Verso Paper Holdings LLC sells its products directly to end-users, as well as through ...

6775 Lenox Center Court

Suite 400

Memphis, TN 38115

United States

5,200 Employees

Phone:

901-369-4100

Key Executives for Verso Paper Holdings, LLC

Senior Vice President of Manufacturing and Energy
Age: 60
Chief Information Officer and Vice President
Age: 68
Senior Vice President, General Counsel and Secretary
Age: 58
Treasurer and Assistant Secretary
Vice President of Human Resources
Age: 62
Compensation as of Fiscal Year 2016.

Verso Paper Holdings, LLC Key Developments

Verso Paper Holdings LLC Enters into $375 Million Asset-Based Revolving Credit Facility and Senior Secured Term Loan Agreement

Verso Paper Holdings LLC entered into a $375 million asset-based revolving credit facility (the ABL Facility) and a senior secured term loan agreement that provides for term loan commitments of $220 million with available loan proceeds of $198 million. Under the ABL Facility, Verso Holdings may request one or more incremental revolving commitments in an aggregate principal amount up to the excess, if any, of the greater of $75 million and the excess of the borrowing base at such time over the amount of the revolving facility commitments at such time, over the aggregate amount of all incremental revolving facility commitments established prior to such time under the ABL Facility; however, the lenders are not obligated to increase the revolving comments upon any such request. Availability under the ABL Facility is subject to customary borrowing conditions. The ABL Facility contains a $150 million sublimit for letters of credit and a $35 million sublimit for swingline loans. The ABL Facility will mature on July 15, 2021. The final maturity date under the Term Loan Facility is October 14, 2022. The term loans provided under the term loan facility are subject to quarterly principal amortization payments in an amount equal to the greater of 2.00% of the initial principal amount of the term loans or the excess cash flow in respect of such quarter as further described under the Term Loan Facility; however, if the liquidity of Verso Holdings is less than $75 million at any time during the 90-day period following the due date of such quarterly amortization payment or excess cash flow payment date, then the portion of such amortization amount that results in such liquidity being less than $75 million will not be payable by Verso Holdings, as further described in the term loan facility. All unpaid principal amounts of the term loans are due on the final maturity date thereof.

Third Ameded Joint Reorganization Plan Approved for Verso Corporation

The US Bankruptcy Court approved the modified third amended joint plan of reorganization of Verso Corporation on June 23, 2016. The debtor has filed its modified third amended plan in the Court on June 20, 2016. As per the third amended plan, administrative expense claims of $134.68 million, priority tax claims of $8.25 million and priority non-tax claims of $30.55 million, shall be paid in full in cash. Verso First Lien Claims of $1.18 billion will receive 50% of reorganized debtor’s equity and 100% of the plan warrants. Verso Senior Debt Claims of $581.45 million will be satisfied through 2.85% of reorganized debtor’s equity. NewPage roll-up DIP claims of $184.49 million shall be paid in full in cash while NewPage term loan claims of $576.39 million shall receive a recovery of 24.3%. Verso subordinated debt claims of $112.84 million shall receive its pro rata share of 0.15% of the plan equity consideration representing a recovery of 0.92%. General unsecured claims against asset debtors of $65.82 million shall receive recovery of 4.5% and General unsecured claims against de minimis asset debtors of $0.05 million shall not receive any recovery under the plan. The debtor does not have any section 510(b) claims, other secured claims and priority non-tax claims. Exit term loan facility shall be provided in the amount of $220 million at 10% discount and ABL in the amount of $375 million. The plan shall be funded from plan equity consideration of $690 million and plan warrants.

Verso Paper Holdings, LLC announced delayed 10-Q filing

On 05/17/2016, Verso Paper Holdings, LLC announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

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Recent Private Companies Transactions

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