Verso repays $20 million of exit term loan facility

By Sarah Lizee

Olympia, Wash., Aug. 9 – Verso Corp. made a $20 million voluntary principal payment on its exit term loan facility on July 18, according to a 10-Q filing with the Securities and Exchange Commission.

As of June 30, the company had $195 million of borrowings outstanding on its term loan, which matures in October 2021.

The company used available liquidity, including amounts under its exit ABL facility, to pay down the debt.

The proceeds of the original borrowings on the facility were used in part for the emergence by Verso and its subsidiaries from bankruptcy.

Interest on the facility is Libor plus 1,100 basis points with a 1% floor for Libor.

Memphis-based Verso produces printing and specialty papers and pulp.

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