Announcements

NewPage Refinancing Chosen as High-Yield Bond Deal of the Year

January 12, 2010

A series of refinancing transactions structured by SRZ attorneys with the aim of increasing NewPage Corporation's operating flexibility, resulted in NewPage, a portfolio company of Cerberus Capital Management LP, and the largest manufacturer of coated paper in North America, receiving the "High-Yield Bond Deal of the Year" by International Financing Review. Winning an IFR Award is widely considered to be one of the capital markets industry's highest accolades. The transaction consisted of extensive amendments to NewPage's term loan and revolving credit facility, a high-yield debt offering totaling $1.7 billion, and concurrent tender offers by a Cerberus affiliate for notes of NewPage. Business Transactions partner Michael Littenberg led the high-yield debt offering and the tender offer process; finance partner Ronald Risdon negotiated the credit agreement amendments and the new high-yield covenants; partners Alan Waldenberg and Kurt F. Rosell advised on tax matters and general structuring; and partner Bruce S. Cybul addressed real estate matters.