Wausau Paper Announces Closing of Specialty Paper Business Sale
Wausau Paper (NYSE: WPP) (“Wausau”) today confirmed 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 currently outstanding balance on the Company's revolving-credit agreement of approximately $67 million.
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