Newpage Group Inc.
Cerberus Capital bought MeadWestvaco Corporation's paper business in 2005 for $2.3 billion creating Newpage. Newpage is one of the largest producers of coated and specialty paper in North America.These commercial printing papers are used in magazines and catalogs. Newpage acquired Sena the North American paper operations of Stora Enso Oyj, in 2007.
On May 2, 2011 Newpage announced results for the first quarter of 2011. Net sales were $904 million compared to $817 million in 2010. Gross margin was 5.1 percent compared to (3.9) percent in the first quarter of 2010. Adjusted EBITDA was $85 million. Net loss was $88 million compared to a loss of $175 million in the first quarter of 2010. Annual capital expenditures are expected to be $75 million and annual interest expense of $335 million.
The market is sensing a financial restructuring this year or in 2012. Appollo Global Management and Avenue Capital are rumored to hold more than $400 million of Newpage's 10 percent second lien bonds. Lazard Ltd, FTI Consulting Inc., and the law firm of Dewey & LeBoeuf LLP have been hired to advise Newpage. Appollo and Avenues' position in the second lien debt give them a strong voice in discussions with Cerberus over how to restructure.
Newpage Trading Debt
Approximate Prices
Newpage Corporation, 11 3/8 due 12/31/2014 96-97
Symbol (NPGP.GL)
Newpage Corporation, floater due 5/1/2012, (L + 625) 42-43
Symbol (NPGP.GB)
Newpage Corporation, 10 % due 5/1/2012 42-43
Symbol (NPGP.GD)
Research on distressed debt securities is provided by Performance Plus Advisors, Inc. To receive a research report on Newpage Group or any other company we follow contact us at 727-441-1305 ext 201
Stephen P. Vlahos
Download NEWPAGE July Research Report-9
Download New Page Group, October Research 2011
Download NewPage Research March
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