S&P: Verso on positive watch

Standard & Poor's said it placed all of its ratings on Verso Paper Holdings LLC and its direct parent, Verso Paper Finance Holdings LLC, including the B corporate credit rating on both of them, on CreditWatch with positive implications.

The agency said that the CreditWatch listing is prompted by the plans of unrated Verso Paper Corp., Verso's ultimate parent, to sell 18.75 million shares of common stock for an estimated maximum offering price of $337 million.

The purpose of the IPO is to reduce $250 million of debt at the direct parent, pay certain fees, and enable the equity sponsor, Apollo Global Management, to sell a portion of its shares, the agency noted.

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