Wausau Paper Corp Announces Closing Of Specialty Paper Business Sale

Wausau Paper Corp announced the closing of its previously announced definitive agreement entered into on May 18 to sell its specialty paper business to Expera Specialty Solutions, LLC, a newly formed company sponsored by KPS Capital Partners L.P., a New York-based private equity firm. The transaction includes Wausau Paper's manufacturing facilities in Mosinee and Rhinelander, Wisconsin, and resulted in net cash proceeds to Wausau, subject to certain post-closing adjustments, of approximately $105 million after settlement of transaction-related liabilities, transaction costs and taxes. A portion of the net proceeds will be used to eliminate the outstanding balance on the Company's revolving-credit agreement of approximately $67 million.