August 22, 2017 1:32 PM 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: 61
Chief Information Officer and Vice President
Age: 69
Senior Vice President, General Counsel and Secretary
Age: 59
Treasurer and Assistant Secretary
Vice President of Human Resources
Age: 63
Compensation as of Fiscal Year 2017.

Verso Paper Holdings, LLC Key Developments

Verso Paper Holdings, LLC Announces Amendments to its Existing Credit Facilities

On December 5, 2016, certain subsidiaries of Verso Corporation entered into amendments to their existing Credit Facilities to permit a consolidation and reorganization of Verso’s subsidiaries. The Reorganization will involve several separate, but related, actions consisting of mergers between subsidiaries to reduce their numbers, the conversion of corporate subsidiaries to limited liability companies, the re-domestication of subsidiaries under Delaware law to provide for a uniform and enlightened regulatory framework, the formation of new holding companies to create separate “branches” for Verso’s paper-making and energy operations, and name changes of subsidiaries to more appropriately reflect the nature of their assets and operations. To facilitate the Reorganization, Verso Paper Finance Holdings LLC, Verso Paper Holdings LLC, and certain other Verso subsidiaries entered into an amendment to the asset-based revolving credit agreement dated as of July 15, 2016, among Holdings, the Borrower, the subsidiaries of the Borrower party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent, and an amendment to the senior secured term loan agreement dated as of July 15, 2016, among Holdings, the Borrower, the subsidiaries of the Borrower party thereto, the lenders party thereto, and Barclays Bank PLC, as administrative agent and collateral agent. Management believes that the Reorganization, which Verso plans to consummate by the end of 2016, will afford greater efficiency and reduced costs in the administration of its subsidiaries.

Verso Paper Holdings Announces Management Changes

Verso Paper Holdings announced changes to its senior leadership team following the company's successful emergence out of bankruptcy. David Paterson will retire as the chairman of the board and chief executive officer of company effective Aug. 31, 2016. In the meantime, the company's board of directors will establish an Office of the Chief Executive on Sept. 1, 2016 to lead the management of the company until a new CEO comes on board. Robert Amen, the current lead independent director of company, will become the chairman of the board upon Paterson's retirement.

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.

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