Verso Paper Holdings is planning to raise a total of $360 million in a sale of second priority senior secured notes. The paper manufacturer’s bonds, which carry a coupon rate of 8.75%, will mature on Feb. 1, 2019. The proceeds from the offering will be used by the U.S. coated paper supplier to redeem its outstanding 9⅛% second priority senior secured fixed rate notes due 2014 and to pay the cost and expense related to the deal. The joint book-running managers for the sale are Credit Suisse, Citi, Barclays and Bank of America Merrill Lynch, adds Reuters.

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