Verso Papers $485 million credit facility to launch Tuesday

By Sara Rosenberg

New York, July 7 - Verso Papers Holdings LLC is scheduled to hold a bank meeting on Tuesday to launch its proposed $485 million credit facility, according to a syndicate document.

Credit Suisse is the lead arranger on the deal.

The facility consists of a $200 million six-year revolver and a $285 million seven-year term loan B, the document said.

Proceeds will be used to help fund Apollo Management's leveraged buyout of International Paper's Memphis, Tenn.-based coated and supercalendered papers business for about $1.4 billion.

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