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NewPage to call floating-rate PIK notes using IPO proceeds
By Angela McDaniels
Tacoma, Wash., May 5 - NewPage Group Inc. said it plans to redeem in full its outstanding floating-rate pay-in-kind notes and NewPage Holding Corp.'s outstanding floating-rate PIK notes.
As of Dec. 31, the interest rate on the notes was 11.8% per year, and the maturity date was Dec. 21, 2015 for the NewPage Group notes and Nov. 1, 2013 for the NewPage Holding notes.
The company will pay for the redemption using proceeds from its upcoming initial public offering of common stock, according to an S-1 report filed with the Securities and Exchange Commission on Monday.
Up to $805 million of shares will be issued in the IPO, and Goldman, Sachs & Co. will be the underwriter.
NewPage Group is Miamisburg, Ohio-based producer of coated paper.
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