Verso Paper Corp. Closes Initial Public Offering

MEMPHIS, Tenn.--(Business Wire)--
Verso Paper Corp. (NYSE:VRS) today announced the closing of its
initial public offering of 14,000,000 shares of common stock at a
price of $12.00 per share. Verso intends to use the net proceeds from
the offering to repay a total of $153.3 million of debt and related
prepayment fees. The debt to be repaid by Verso consists of the $4
million outstanding under the revolving credit facility and the
$10 million outstanding under the senior secured term loan of Verso
Fiber Farm LLC as well as $137.9 million of the $250 million
outstanding under the senior unsecured term loan of Verso Paper
Finance Holdings LLC and a related $1.4 million prepayment fee.

Credit Suisse Securities (USA) LLC and Citigroup Global Markets
Inc. acted as joint bookrunning managers for the offering, and
Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Morgan Stanley & Co. Incorporated and Utendahl Capital Partners, L.P.
acted as co-managers.

A registration statement relating to the offering was filed with
and declared effective by the Securities and Exchange Commission. The
offering is being made solely by means of a prospectus. A copy of the
prospectus may be obtained by calling toll-free Credit Suisse
Securities (USA) LLC at 1-800-221-1037 or Citigroup Global Markets
Inc. at 1-800-851-9146.

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, and there shall not be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About Verso Paper

Based in Memphis, Tennessee, Verso Paper is a leading North
American producer of coated papers, including coated groundwood and
coated freesheet, and supercalendered products. Verso's paper products
are used primarily in media and marketing applications, including
magazines, catalogs and commercial printing applications such as
high-end advertising brochures, annual reports and direct-mail
advertising. Additional information about Verso is available on our
web site at www.versopaper.com.

Verso Paper Corp.
Robert P. Mundy, 901-369-4185
Senior Vice President and Chief Financial Officer
robert.mundy@versopaper.com

Copyright Business Wire 2008