Verso Paper Corp. and NewPage Holdings Inc. have announced that they each have received a request for additional information (the "Second Requests") from the U.S. Department of Justice (the "DOJ") in connection with Verso's proposed acquisition of NewPage. The DOJ issued the Second Requests pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act").
The effect of the Second Requests is to extend the waiting period imposed by the HSR Act until 30 days after Verso and NewPage have substantially complied with the Second Requests, unless that period is extended voluntarily by the parties or terminated sooner by the DOJ.
Verso and NewPage intend to cooperate fully with the DOJ in responding to the Second Requests with the goal of achieving the expiration or termination of the HSR Act waiting period. The completion of the transaction remains subject to HSR Act clearance and the satisfaction of other closing conditions.
In connection with the transaction, Verso and NewPage already have received regulatory approval from the Federal Energy Regulatory Commission, and NewPage has closed its new $750 million term loan facility and new $350 million ABL facility, each of which is a condition to closing the transaction. The parties continue to expect the transaction to close during the second half of 2014.