NewPage Postpones IPO
July 21, 2006 - NewPage Holding Corporation has postponed its initial public offering due to market conditions, the company said in a statement.
On April 18, 2006, Newpage filed a registration statement with the U.S. Securities and Exchange Commission for a proposed IPO of its common stock.
Earlier this month, the company had announced plans to raise as much as $320 million by offering 20 million shares at $14 to $16 each. The midpoint of the range would have valued the company at $915 million. NewPage planned to use net proceeds to redeem or pay down debt and repurchase stock.
NewPage Holding is the parent company of NewPage Corp., which is headquartered in Dayton, Ohio. NewPage manufactures and sells coated papers at four integrated pulp and paper manufacturing mills located in Escanaba, Michigan; Luke, Maryland; Rumford, Maine; and Wickliffe, Kentucky. These mills have a combined annual capacity of approximately 2.2 million tons of coated paper.
SOURCE: NewPage Holding Corp.