Bes Stocks To Buy 2014, Best Stocks For 2014: Verso Paper attempts to close Outstanding Debt; Heavy Insider Buying

Thursday, March 15, 2012

Verso Paper attempts to close Outstanding Debt; Heavy Insider Buying

Verso Paper Corp.(NYSE:VRS) has traded as high as $2.77 during today�s trading session and last traded at $2.7699 for a gain of 22.56% from yesterday�s close� TEAR shares have traded as high as $2.25 over the past 52 weeks, which is 23.11% over that high at last traded stock price. Get my next ALERT 100% FREE

Verso Paper announced yesterday that its subsidiaries, Verso Paper Holdings LLC and Verso Paper, propose to issue $345 million aggregate principal amount of senior secured notes due 2019 in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended. The Notes will be guaranteed by certain domestic subsidiaries of Verso.

Verso also announced yesterday that it has received commitments from lenders for a new $150 million asset-based revolving loan facility and a new $50 million first-priority revolving facility. These commitments would be utilized in lieu of Verso’s previously announced $100.0 million of commitments for an accounts receivable securitization facility and approximately $55.0 million of commitments to provide a new and/or extended revolving facility under Verso Holdings� existing senior secured revolving credit facility.

Verso intends to enter into the new credit facilities as soon as practicable following the completion of the Notes offering and upon satisfaction of customary conditions. While Verso has received commitments from lenders for the proposed new credit facilities, there can be no assurance that Verso will enter into such facilities. The new credit facilities will replace Verso�s existing $200 million revolving credit facility which matures on August 1, 2012.

Multiple Form 4�s were filed on March 6 accumulating shares, which included the majority of the company�s executives.

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