Verso announced it has received commitments from lenders for a new $150 million asset-based revolving loan facility and a new $50 million first-priority revolving facility. These commitments would be utilized in lieu of Verso’s previously announced $100 million of commitments for an accounts receivable securitization facility and approximately $55 million of commitments to provide a new and/or extended revolving facility under Verso Holdings’ existing senior secured revolving credit facility.

Additionally, the Memphis, TN-based company announced its intention to issue $345 million aggregate principal amount of senior secured notes due 2019 in a private offering that is exempt from registration requirements. The notes will be guaranteed by certain domestic subsidiaries of Verso.

Verso intends to enter into the new credit facilities as soon as practicable following the completion of the notes offering and upon satisfaction of customary conditions. While Verso has received commitments from lenders for the proposed new credit facilities, there can be no assurance that Verso will enter into such facilities. The new credit facilities will replace Verso’s existing $200 million revolving credit facility, which matures on August 1, 2012.