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Published on 7/24/2006 in the Prospect News High Yield Daily.

NewPage postpones IPO, terminates tenders for up to $255 million of 12% notes, floaters, 10% notes

By Jennifer Chiou

New York, July 24 - NewPage Corp. announced it pulled its cash tender offer for up to $60 million of its 12% senior subordinated notes due 2013, $150 million of its floating-rate senior secured notes due 2012 and $350 million of its 10% senior secured notes due 2012 after postponing indefinitely its initial public offering due to market conditions.

The Dayton, Ohio, operator of pulp and paper mills had said the offer would expire at midnight ET on Aug. 4. It began on July 10.

The company had previously said it would accept up to a total of $255 million of the three series notes.

There is $200 million of 12% notes, $225 million of the floaters and $350 million of 10% notes outstanding. Securities were listed in the order of the priority in which the company was to have bought them.

NewPage had also been soliciting consents to amend the indentures of the floaters and 10% notes.

For each $1,000 principal amount, the company would have paid $1,100 for the 12% notes, $1,132.50 for the floaters and $1,082.50 for the 10% notes. All payouts included a $20.00 early tender premium for those who tender their securities before 5 p.m. ET on July 21, the early participation deadline.

The company would also have paid accrued interest up to the purchase date.

NewPage added it would have accepted notes on a pro rata basis.

Goldman, Sachs & Co. is the dealer manager (call collect 212 357-7867 or 800 828-3182). Global Bondholder Services Corp. is the information agent (call collect 212 430-3774 or 866 470- 3700).


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