MIAMISBURG, Ohio – NewPage Corporation announced new bank financing totaling $1.1 billion that is required in the merger to Verso Paper Corporation.

It is the first in a series of actions connected with the merger. Verso Paper announced Jan. 6 that it was acquiring NewPage mills including the Escanaba Paper Mill in the Upper Peninsula.

“The announcement regarding the bank refinancing is a key milestone as we work through the transaction,” said Jay A. Epstein, senior vice president and chief financial officer for NewPage.

NewPage closed on financing consisting of a new $750 million term loan facility led by Credit Suisse Securities and a new $350 million ABL Facility led by Barclays Bank PLC.

NewPage also announced that its board of directors has declared a special distribution of $34.29 per share of common stock, payable Feb. 21. Part of the new financing will be used for the distribution. It will be paid to stockholders on record at the close of business Friday.