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May 15, 2008

Verso lowers share price

Verso Paper Corp., which has mills in Jay and Bucksport, has lowered the price and the number of shares it plans to sell in its initial public offering.

The Memphis, Tenn.-based company, which employs 1,785 people in Maine, will offer 14 million shares at $12 apiece, down from an original 18.8 million shares between $16 and $18 per share.

Based on the reduced offering price, Verso expects to raise about $153.3 million after expenses, according to the Associated Press. The company plans to use a majority of the proceeds to repay debt.

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