In conjunction with the Plan, NewPage closed on its exit financing, consisting of a $500 million term loan facility led by Goldman Sachs Lending Partners LLC and a $350 million revolving credit facility led by J.P. Morgan Securities LLC.
"This is an exciting day for all of us at NewPage," said George F. Martin, president and CEO. "We have successfully completed our restructuring, and we have emerged as a financially sound company. This step helps to solidify our position as the leading North American producer of printing and specialty papers. We look forward to continuing to provide our customers with exceptional service and high-quality products, operating safe and efficient mills, and being a responsible community member."
Jay A. Epstein, SVP and CFO, added that "through the reorganization process, we significantly reduced our debt and emerged with a sustainable capital structure. Our exit facility will provide ample liquidity to meet all of our working capital and capital investment needs."
NewPage is a producer of printing and specialty papers in North America with $3.5 billion in net sales for 2011. The company owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota, and Wisconsin. These mills have a total annual production capacity of approximately 3.5 million tons of paper. The company's product portfolio includes coated, specialty, supercalendered, and uncoated papers.
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