NewPage completes credit amendment process
MIAMISBURG, OH, Sept. 11, 2009 (PRNewswire) -NewPage Corporation announced today that it has completed amendments to its existing senior secured term loan credit facility and senior secured revolving credit facility.
NewPage has secured a grace period until June 30, 2010 for a number of financial covenants and relaxed covenant tests thereafter, in return for higher rates which reflect the changes in the economy since the company's covenants were last negotiated.
"The successful completion of our credit agreement amendment process provides us with the covenant relief needed to financially strengthen our company," stated David J. Prystash, chief financial officer for NewPage. "These amendments ...