Toronto, March 03, 2016 -- Moody's Investors Service assigned a B3 rating to the $350 million debtor-in-possession term loan ("DIP term loan"), entered into by NewPage Corporation (a non-guarantor subsidiary of Verso Corporation) as part of $675 million of DIP credit facilities entered by NewPage and $100 million of DIP credit facilities (not rated) entered by Verso. The rating primarily reflects the collateral coverage available to the DIP term loan lenders and the structural features of the DIP term loan. The DIP term loan is secured by substantially all the fixed assets of NewPage and includes a super priority claim under the Chapter 11 of the US Bankruptcy Code. The bankruptcy court approved the execution of the DIP term loan in its final debtor-in-possession order on March 2, 2016. The rating also considers the size of the DIP credit facilities relative to Newpage's pre-petition debt and the nature of the bankruptcy and reorganization.

Vollständigen Artikel bei Moodys lesen