Business News
Affiliate of NewPage Corporation Announces Extension of Debt Tender Offer
Wednesday 09. September 2009 - NP Investor LLC ("NPI"), an affiliate of Cerberus Capital Management, L.P., the indirect controlling shareholder of NewPage Corporation ("NewPage"), announced today that it has extended the Withdrawal Deadline, Early Participation Time and Expiration Time for its previously announced cash tender offer (the "Second Lien Notes Offer") to purchase certain of NewPage's outstanding Floating Rate Senior Secured Notes due 2012 (the "Floating Rate Notes") and 10% Senior Secured Notes due 2012 (the "10% Notes" and, together with the Floating Rate Notes, the "Second Lien Notes").
The Second Lien Notes Offer is described in detail in the Offer to Purchase dated July 15, 2009 and the related Letter of Transmittal, as amended by the Supplement to the Second Lien Notes Offer dated August 10, 2009 and the previously distributed press releases dated August 10, 2009 and August 21, 2009.
The Second Lien Notes Offer has been extended as follows:
— NPI extended the Withdrawal Deadline, previously scheduled for 12:00
Midnight, New York City time, on Friday, September 4, 2009, to 12:00
Midnight, New York City time, on Friday, September 11, 2009, unless
further extended;
— NPI extended the Early Participation Time, previously scheduled for
12:00 Midnight, New York City time, on Friday, September 4, 2009, to
12:00 Midnight, New York City time, on Friday, September 11, 2009,
unless further extended. All holders tendering their Second Lien
Notes on or prior to the new Early Participation Time and whose Second
Lien Notes are accepted for purchase will be eligible to receive the
Early Participation Premium; and
— NPI extended the Expiration Time, previously scheduled for 12:00
Midnight, New York City time, on Friday, September 4, 2009, to 12:00
Midnight, New York City time, on Friday, September 11, 2009, unless
further extended.
NPI also announced today that it has terminated its previously announced cash tender offer (the “Subordinated Notes Offer”) to purchase certain of NewPage Holding Corporation’s outstanding Floating Rate Senior Unsecured PIK Notes due 2013 and NewPage’s outstanding 12% Senior Subordinated Notes due 2013 (together, the “Subordinated Notes”). As a result of the termination of the Subordinated Notes Offer, no Subordinated Notes will be accepted for purchase in the Subordinated Notes Offer and NPI will not pay the tender offer consideration or the early participation premium with respect to any Subordinated Notes. Any Subordinated Notes that have been tendered will be promptly returned to the tendering holders.
NewPage and NPI have retained Citi to serve as the lead dealer manager for the Second Lien Notes Offer and Banc of America Securities LLC, Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. are acting as additional dealer managers. Barclays Capital Inc. is acting as co-manager for the Second Lien Notes Offer. Questions regarding the Second Lien Notes Offer may be directed to Citigroup Global Markets Inc. at (212) 723-6106 (collect) or (800) 558-3745 (toll-free). Requests for documents in connection with the Second Lien Notes Offer may be directed to Global Bondholder Services Corporation, the information agent for the Second Lien Notes Offer at (212) 430-3774 or (866) 470-3700 (toll-free).
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation or sale is being made in any jurisdiction in which such an offer, solicitation or sale would be unlawful.