Moody’s gives Verso Paper CFR B1, loan B2

Moody's Investors Service said it assigned a provisional B2 rating to Verso Paper Holdings LLC's proposed $225 million six-year senior secured term loan.

The agency also assigned Verso a provisional B1 corporate family rating, as well as a speculative grade liquidity rating of SGL-2.

The outlook is stable.

The proposed debt offering will be used to exit bankruptcy with the proceeds used to repay Verso and NewPage Corp.’s (a subsidiary of Verso) existing debtor-in-possession financing and pay related fees and expenses.

The provisional ratings are assigned pending the emergence from bankruptcy and the closing of the proposed exit financing. The company is expected to emerge from bankruptcy in the next couple of months.

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