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February 13, 2016 4:20 AM ET

Paper and Forest Products

Company Overview of NewPage Consolidated Papers Inc.

Company Overview

NewPage Consolidated Papers Inc. manufactures coated papers for a range of sheetfed and Web work, including print projects, annual reports, folders, brochures, magazines, catalogs, and direct mail in North America. Its products include woodfree and mechanical coated papers; digital and cut-size papers that are coated and uncoated; coated and uncoated mechanical publication papers; and newsprint, book papers, packaging board, specialty papers, and coreboard products. The company was formerly known as Stora Enso North America Inc. and changed its name to NewPage Consolidated Papers Inc. in December 2007. The company is based in Wisconsin Rapids, Wisconsin. NewPage Consolidated Papers Inc. oper...

231 1st Avenue North

P.O.Box 8050

Wisconsin Rapids, WI 54495-8050

United States

Phone:

715-422-3111

Fax:

715-422-3469

Key Executives for NewPage Consolidated Papers Inc.

Chairman of the Board - NewPage Holding Corporation and Chief Executive Officer - NewPage Holding Corporation
Age: 72
Compensation as of Fiscal Year 2015.

NewPage Consolidated Papers Inc. Key Developments

Interim DIP Financing Approved for Verso Corporation

The US Bankruptcy Court gave an order to NewPage Corporation to obtain DIP financing on an interim basis on January 27, 2016. As per the order, the debtor has been authorized to obtain a senior secured asset-based revolving credit facility in the amount of $325 million, including $100 million letter of credit sub-facility and senior secured non-amortizing term loan of $350 million, including $175 million in new money term loan and roll-up of up to $175 million from DIP lenders from time to time with Barclays Bank PLC acting as the administrative agent. The revolving DIP lenders include Barclays Bank PLC, Credit Suisse AG, BMO Harris Bank, N.A., Goldman Sachs Lending Partners LLC, Suntrust Bank, Huntington National Bank, UBS AG Stamford, City National Bank and Wells Fargo Bank, NA. The revolving DIP loan would either carry an interest rate for ABR loans of an alternate base rate plus 1.5% p.a. or for Eurocurrency Rate Loans of adjusted LIBOR plus 2.5%. The term loan loan would carry an interest rate for ABR loans of ABR plus 8.5% or for ERL loans of adjusted LIBOR plus 9.5%. The loan will also carry an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries an unused commitment fee of 0.375% p.a. and will increase by 2% p.a. during the continuance of event of default. The loan will also carry L/C participation fees of 2.5% p.a. initially or alternative base rate loans of 1% p.a. initially. Issuing bank fees of 0.125% p.a. will be paid to DIP L/C issuing banks. A duration fee will be charged of 0.25% on revolving loan outstanding 12 months after closing and 2% on new money term loan outstanding 210 days after closing. An upfront fees of 0.5% on revolving loan and 1.5% on new money term loan will be charged. A backstop fee of 2.5% on new money term loan will be charged. The DIP facility would mature either on 18 months after the Closing Date or 45 days after entry of the interim order if final order has not been entered or on the date of substantial consummation of the plan or termination of DIP commitments in accordance with DIP documents, whichever is earlier. The DIP facility will be used solely for working capital and general corporate purposes of the debtor. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $5 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Final hearing will be held on February 24, 2016.

Interim DIP Financing Approved for Verso Corporation

The US Bankruptcy Court gave an order to Verso Corporation to obtain DIP financing on an interim basis on January 27, 2016. As per the order, the debtor has been authorized to obtain a senior secured asset-based revolving credit facility in the amount of $100 million, including $50 million letter of credit sub-facility from DIP lenders from time to time with Citibank, N.A. acting as the administrative agent. The DIP lenders include Barclays Bank PLC, Credit Suisse AG, Cayman Islands Branch, PNC Bank, NA, Siemens Financial and Wells Fargo Bank, NA. The DIP loan would either carry an interest rate of LIBOR plus 2.5% p.a., with a LIBOR floor of 0% p.a., or an alternate base rate plus 1.5% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 0.75% p.a. and will increase by 2% p.a. during the continuance of event of default. The loan will also carry L/C participation fees of 2.5% p.a. initially or alternative base rate loans of 1% p.a. initially. Issuing bank fees of 0.125% p.a. will be paid to DIP L/C issuing banks. The DIP facility would mature either on 18 months after the Closing Date or 45 days after entry of the interim order if final order has not been entered or on the date of substantial consummation of the plan or termination of DIP commitments in accordance with DIP documents, whichever is earlier. The DIP facility will be used solely for working capital and general corporate purposes of the debtor. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $5 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Final hearing will be held on February 24, 2016.

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