NewPage Bonds Fall After Record Drop Yesterday, Trace Shows
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Bonds of NewPage Corp., the coated-paper maker owned by Cerberus Capital Management LP, declined after a record tumble yesterday that was triggered by earnings lower than analyst expectations.
Its $806 million of 10 percent second-lien notes due May 2012 fell 6.3 cents to 39.9 cents on the dollar as of 12:52 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The debt dropped 11.6 cents yesterday and is at the lowest level since August.