Milwaukee Journal Sentinel
Coated papermaker NewPage, which bought Wisconsin-based Stora Enso North America last year, has filed plans to sell common stock through an initial public offering.
NewPage has not set a date or a price for the sale, but for the purpose of calculating its registration fee it proposed a maximum offering of $805 million, according to documents filed with the Securities and Exchange Commission.
NewPage, with headquarters in Miamisburg, Ohio, is North America's leading producer of coated paper used in magazines, high-end advertisements, and corporate annual reports.
Its 25 paper machines at 12 mills in six states and Nova Scotia include operations in Wisconsin Rapids, Biron, Stevens Point, Whiting, Kimberly, and Niagara. The Wisconsin mills were part of NewPage's $2.6 billion acquisition of most of the former Consolidated Papers Inc., which had been bought by Helsinki-based Stora Enso Oyj in 2000 for $4.4 billion.
Cerberus Capital Management formed NewPage three years ago to acquire the printing papers business of MeadWestvacoCorp.
In its filings, NewPage said it would use proceeds from a public offering to pay off debt. It said it has no intentions to pay cash dividends on its common stock.
The stock would be listed on the New York Stock Exchange under the symbol NWP.
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