verso corp investor relations
The acquisition and transformation will be financed through a combination of rights issue, additional debt and operating cash flow. 877.855.7243. www.versoco.com. The proposed merger will be submitted to Verso's stockholders for their consideration. William Blair 43rd Annual Growth Stock Conference in Chicago, Illinois on Tuesday, June 6, 2023. Investors and security holders may obtain copies of these documents and any other documents filed with or furnished to the SEC by Versofree of charge through the website maintained by the SEC at www.sec.gov, or on Verso's investorwebsite, https://investor.versoco.com/. Our investments will create new US-based jobs in a growing market and accelerate the transition from plastic-based packaging materials to renewable sources, said Christoph Michalski, President and CEO of BillerudKorsns. Conference CallIn light of the proposed Merger, Verso will not be hosting a conference call and webcast for analysts and investors or issuing an earnings presentation in conjunction with the release of financial results for the fourth quarter and full year 2021. For further detail and discussion of our financial performance please refer to our upcoming Annual Report on Form 10-K for the year ended December 31, 2021. 0.12%: 36,411: Investors and security holders may obtain copies of these documents and any other documents filed with or furnished to the SEC by Verso free of charge through the website maintained by the SEC at www.sec.gov, or on Verso's investor website, https://investor.versoco.com/. Some of these forward-looking statements can be identified by terms and phrases such as "may", "expects", "intends", "anticipates", "plans", "projects", "estimates" and the negatives thereof and analogues or similar expressions. Total company sales volume was down from 1,674 thousand tons during the year ended December 31, 2020, to 1,407 thousand tons during 2021, primarily attributable to our sold Duluth, Androscoggin and Stevens Point mills and idled Wisconsin Rapids mill. Cision Distribution 888-776-0942 Item 8.01 Other Events. BillerudKorsns has entered into a new credit facility of SEK 6 000 million, provided by Danske Bank and SEB, intended to be utilized for this purpose. 8540 Gander Creek Drive. A special meeting of Verso's shareholders is expected to be convened following the mailing to Verso's shareholders of a proxy statement for the transaction. Additional Information and Where to Find It. on the "Investors" page. Media contacts: Shawn Hall. Any forward-looking statements made in this release are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realised or, even if substantially realised, that they will have the expected consequences to, or effects on, us or our business or operations. These documents are available free of charge from the sources indicated above, and from Verso by going to its investor relations page on its corporate website at https://investor.versoco.com . For more information, visit us online at versoco.com. The rights issue is planned to be carried out in 2022 following completion of the transaction. investor.relations@versoco.com. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. We also plan to sequentially transform part of the business into paperboard production while continuing to serve the U.S. customers. Home - Verso Capital Gain on Sale of the Androscoggin/Stevens Point Mills, Duluth and Wisconsin Rapids mills idle/post-closure costs, (Gain) loss on sale or disposal of assets, For 2020, charges are associated with the closure of our Luke Mill in June 2019 and the closure of our Duluth Mill in, Costs recorded after the permanent shutdown of our Luke Mill that are not associated with product sales or restructuring, Gain on the sale of outstanding membership interests in Verso Androscoggin, LLC in February 2020, which included our, Idle/post-closure costs associated with our Duluth and Wisconsin Rapids mills that are not associated with product sales or, Professional fees and other charges associated with merger related activity, including the Merger Agreement entered on, For 2020, other miscellaneous adjustments. VERSO CORP : Other Events, Financial Statements and Exhibits (form 8-K Information about Verso's directors and executive officers is available in the Definitive Proxy and Verso's proxy statement dated on March 30, 2021 for its 2021 Annual Meeting of Stockholders. 2021 ANNUAL MEETING OF STOCKHOLDERS . We challenge conventional packaging for a sustainable future. Stock Information Corporate Governance Acquisition of Norbord News Releases RSS ALERTS View by Year May 23, 2023 West Fraser Announces Appointment Of Eric L. Butler To Board of. The news release and fourth quarter and full year 2021 results will be available on Verso's website at http://investor.versoco.com by navigating to the Financial Information page. Information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. BillerudKorsns Board of Directors intends to propose to a general meeting of BillerudKorsns shareholders that the Board of Directors be authorized to resolve upon a rights issue of up to SEK 3 500 million. Miamisburg, Ohio 45342. The 2020 Annual Report and the information on our website are not a part of this Proxy Statement. Realized (gain) loss on the sale or disposal of assets. Investors should read the proxy statement carefully when it becomes available before making any voting or investment decisions. For 2020, charges are associated with the closure of our Luke Mill in June 2019. . Verso's specialty paper products include release liner papers and label face stock for pressure sensitive, glue-applied and laminate applications. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Verso Corp (VRS) using our online tools. Additionally, to the extent that forward-looking non-GAAP and non-IFRS financial measures are provided, they are presented on a non-GAAP and non-IFRS basis without reconciliations of such forward-looking non-GAAP and non-IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Overview "This was a strong quarter for Verso in which our people drove robust cash flow, reflecting steadfast execution and positive macro trends, including price increases, for our business. Operating results for the nine months ended September 30, 2021 were positively impacted by: Operating results for the nine months ended September 30, 2021 were negatively impacted by: Other (income) expense Other income for the nine months ended September 30, 2021 and 2020 includes income of $18 million and $15 million, respectively, associated with the non-operating components of net periodic pension cost (income). The transaction is expected to close in the second quarter of 2022. As previously announced, on December 19, 2021, Verso Corporation, a Delaware corporation (the "Company" or "Verso"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with BillerudKorsns Inc., a Delaware corporation ("Parent"), West Acquisition Merger Sub Inc., a Delaware corporation and a wholly . The plan is to convert Versos largest facility, its Escanaba mill, into a world-class, sustainable, fully integrated paperboard production site. About VersoVERSO CORPORATION is a leading American owned and operated producer ofgraphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality and reliability. The acquisition of Verso is fully in line with BillerudKorsns strategy to drive profitable growth in paperboard, and the ambition to expand into North America. Director, Communications. By signing up you agree to receive content from us. The acquisition is expected to close in the second quarter of 2022, subject to the approval of Versos shareholders as well as the receipt of applicable regulatory approvals and satisfaction of other customary closing conditions. When typing in this field, a list of search results will appear and be automatically updated as you type. Verso will become the platform for BillerudKorsns future expansion in North America and is expected to provide continuous growth opportunities over the next ten years and beyond. To participate via telephone and thereby be able to ask questions, please use any of the following telephone numbers and pin code 46795865#. You may obtain free copies of these documents from Verso using the sources indicated above. John Cuomo, President and CEO of VSE Corporation and Steve Griffin, Chief Financial Officer of VSE . Additional Information and Where to Find ItIn connection with the proposed merger, on February 8, 2022, Verso filed with the SEC and furnished to its stockholders a definitive proxy statement on Schedule 14A (the "Proxy Statement") and accompanying WHITE proxy card, as well as other relevant documents regarding the proposed merger. Analysts and investors may access the live conference call only by dialing 888-317-6003 (U.S. toll-free), 866-284-3684 (Canada toll-free) or 412-317-6061 (international) and referencing elite . The forward-looking statements include statements relating to the expected characteristics and financial results of the combined company; expected growth of our paperboard business; expected financing; expected benefits of the proposed transaction; expected EBITDA of the combined entity; BillerudKorsns plans with respect to Verso; its assets, including the timing and cost of the conversion; and expected timing of closing of the proposed transaction and satisfaction of closing conditions, including receipt of applicable regulatory approvals. Participation from Market Makers and ECNs is strictly voluntary and as a result . Verso Corporation Reports First Quarter 2021 Financial Results and There continues to be significant uncertainties associated with the COVID-19 Pandemic, including with respect to the resurgence of new variants of the virus; whether the vaccines introduced to combat the virus are not effective or public acceptance of such vaccines is not widespread; and the impact of COVID-19 on economic conditions, including with respect to labor market conditions, economic activity, consumer behavior, supply chain shortages and disruptions and inflationary pressure; all of which could have a material impact on our business, financial position, results of operations and cash flows. ET). At the end of the year, BillerudKorsns entered into a merger agreement with the Verso Corporation (Verso), under which BillerudKorsns has agreed to acquire Verso, a leading producer of coated paper in North America, for a purchase price of approximately USD 825 million. Verso will become the platform for BillerudKorsns' future expansion in North America and is expected to provide continuous growth opportunities over the next ten years and beyond. Verso Corporation is a leading American owned and operated producer of graphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality and reliability. MIAMISBURG, Ohio, Feb. 28, 2022 /PRNewswire/ --Verso Corporation (NYSE: VRS) today reported financial results for the fourth quarter and full year of 2021. Item 8.01 Other Events. Company announcements, updates from our production sites and industry news - theres always something happening across our organization. Forward-looking statements may be identified by the words "anticipates," "believes," "contemplates," "could," "seeks," "estimates," "intends," "targets", "expects", "allows", "enables", "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements generally relate to future events or Verso's and BillerudKorsns'future financial or operating performance and include, without limitation, statements relating to the proposed merger and the potential impact of the COVID-19 outbreak on Verso's and BillerudKorsns' businesses and operations. Verso'sgraphic paper productsare designed primarily for commercial printing, advertising and marketing applications, including direct mail, catalogs, corporate collateral, books and magazines. This information constituted inside information prior to publication. This press release contains forward-looking statements that reflect BillerudKorsns current expectations and views of future events and developments. We believe that the supplemental adjustments applied in calculating Adjusted EBITDA are reasonable and appropriate to provide additional information to investors. Costs recorded after the permanent shutdown of our Luke Mill that are not associated with product sales or restructuringactivities, including costs relating to the ongoing environmental remediation and monitoring efforts. Verso's actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including those risks and uncertainties listed from time to time in Verso's filings with the Securities and Exchange Commission. PDF Verso Corporation Reports Third Quarter 2021 Financial Results and The increased net capacity of around 400 ktonnes compared to today together with a more profitable product mix will create significant shareholder value over time. News Releases | West Fraser Verso Corporation Reports Fourth Quarter and Full Year 2021 - Benzinga BillerudKorsns will pay holders of Versos issued and outstanding shares of common stock, subject to certain exceptions, an all-cash price of USD 27.00 per share, corresponding to an enterprise value of approximately USD 970 million (approximately SEK 8 770 million1inclusive of Versos cash, net debt and other debt-like items as of 30 September, 2021. Risks and uncertainties include the ability of the parties to obtain the necessary regulatory approvals and consummate the pending transaction. While forward-looking statements are Verso's and BillerudKorsns'current predictions at the time they are made, you should not rely upon them. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! Randy Nebel, President and Chief Executive Officer of Verso, said, "With the support of our talented team, Verso has successfully streamlined our operations and reduced costs while strategically investing in projects to enhance our ability to support our customers. As announced on December 19, 2021, Verso has entered into a definitive merger agreement under which BillerudKorsns AB ("BillerudKorsns") has agreed to acquire all of the outstanding shares of Verso for a purchase price of $27.00 per share in cash. Closing of the transaction is not subject to any financing condition. Get in touch with members of our press service. The combined company will be one of the largest providers of virgin fibre paper and packaging with a cost and quality advantage. About Verso VERSO CORPORATION is a leading American owned and operated producer ofgraphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality and reliability. This release is not a substitute for the Proxy Statement, or for any other document that Verso has filed or may file with the SEC or send to its stockholders in connection with the Merger. and from Verso by going to its investor relations page on its corporate website at www.investor.versoco.com. BillerudKorsns aims to build one of the most cost-efficient and sustainable paperboard platforms in North America by converting several of Verso's assets into paperboard machines while maintaining Verso's position as a quality and cost leader in specialty and coated freesheet paper. Cision Distribution 888-776-0942 About Verso CorporationVerso Corporation is a leading American owned and operated producer of graphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality and reliability. The conference can be followed via https://edge.media-server.com/mmc/p/5jeimdf2. Participants in the SolicitationVerso and its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the Merger under the rules of the SEC. BillerudKorsns will build one of the most cost-efficient and sustainable paperboard platforms in North America by converting some of Versos assets into paperboard machines with an estimated capex of up to SEK 9 billion. Verso's Board of Directors ("Board"), acting upon the recommendation of a special committee of independent directors of theBoard, unanimously determined that it is advisable and in the best interests of the Company and the Company's stockholders to enter into the Merger Agreement and to consummate the Merger upon the terms and subject to the conditions set forth therein. Verso Corp (VRS) went up by +0.04% in the last 365 days - wallmine VERSO CORP Top Investor Relations Executive Salary | Salary.com Amortization of noncash incentive compensation. EBITDA Adj. The Proxy Statement contains important information about the Merger and related matters. In addition, other companies may calculate non-GAAP and non-IFRS measures differently, or may use other measures to calculate their financial performance, and therefore, the non-GAAP and non-IFRS measures set forth in this press release may not be directly comparable to similarly titled measures of other companies. We use EBITDA and Adjusted EBITDA as a way of evaluating our performance relative to that of our peers and to assess compliance with our credit facilities. For 2021, charges are associated with the closure of our Luke Mill, the closure of our Duluth Mill and ofthe No. While we cannot reasonably estimate the full impact of COVID-19 on our business, financial position, results of operations and cash flows, we saw our sales, volume and prices continue to recover during the fourth quarter of 2021. Verso's location also presents favorable export opportunities to both Asia and Europe. 2 . Versos Board of Directors, acting upon the recommendation of a special committee, has unanimously approved and resolved to recommend the transaction to Versos shareholders. Participants in the Solicitation BillerudKorsns estimates that the investment for the conversion project will be up to SEK 9 billion, whereof around two thirds to be invested up to 2025 and the remainder up to 2029. BillerudKorsns has entered into a merger agreement with Verso Corporation (Verso) under which BillerudKorsns has agreed to acquire Verso, a leading producer of coated papers in North America, for a purchase price of approximately USD 825 million in cash. Qs Investors: 0.15%: 43,525: Parametric Portfolio Associates: 0.14%: 39,513: Oxford Asset Management LL.P. The production facilities are strategically located within close proximity to major customers, and the annual production capacity totals around 1.1 million tonnes of paper. Verso's specialty paper products include release liner papers and label face stock for pressure sensitive, glue-applied and laminate applications. MIAMISBURG, Ohio, Feb. 21, 2022 /PRNewswire/ -- Verso Corporation (NYSE: VRS) today announced that it will release its fourth quarter and full year 2021 financial results before the market opens . On or about February 8, 2022, Verso commenced mailing the Proxy Statement and a proxy card to Verso's stockholders entitled to vote at a special meeting relating to the Merger, seeking their approval of the respective merger-related proposals. Verso Announces Stockholder Approval of Merger Agreement with After the completion of the transaction and prior to the rights issue, BillerudKorsns interest-bearing net debt to adjusted EBITDA ratio (pro forma twelve months ending 30 September 2021) is estimated to be around 2.7x, temporarily higher than its target level of below 2.5x. One machine is estimated to be converted by 2025, a second machine by 2029, to a total capacity of around 1100 ktonnes. Verso Corp - Class A (VRS) shares closed today at 1.8% below its 52 week high of $27.29, giving the company a market cap of $778M. Siemens May Be Pointing To A Breakout China's loans pushing world's poorest countries to brink of collapse ", Results of Operations Comparison of Three Months Ended December 31, 2021 to Three Months Ended December 31, 2020, Cost of products sold (exclusive of depreciation and amortization), Selling, general and administrative expenses, Comments to Results of Operations - Comparison of Three Months Ended December 31, 2021 to Three Months Ended December 31, 2020. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. There will be no public offering of rights in the United States. In BillerudKorsns, we found a partner that shares our commitments to safety, quality, sustainability and innovation and is uniquely positioned to recognize the value of our business. They include, for example, statements relating to Verso's business and the anticipated benefits of Verso's proposed merger with BillerudKorsns.
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