Oaktree Capital’s Latest Moves: Newpage Holdings, Capital Product Partners LP (CPLP), & Masonite International Corp. (DOOR)
In a new 13G filing, Howard Marks and his fund Oaktree Capital Management reported a position in Newpage Holdings Inc., which represents 19.4% of the company. The stake held by Oaktree amasses 1.37 million shares of the Newpage Holdings Inc.' common stock. Verso Paper Corp. (NYSE:VRS), a producer of coated papers, has agreed to acquire Newpage Holdings Inc. in a transaction valued at $1.4 billion.
Newpage Holdings Inc. is a producer of printing and specialty papers in North America. The company, headquartered in Miamisburg, Ohio, owns paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota and Wisconsin. All mills have a total annual production capacity of about 3.5 million tons of paper, according to the company.
Upon closing of the deal, the combined company will have sales of about $4.5 billion and 11 manufacturing facilities located in six states, according to a news release. The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second half of 2014, subject to regulatory approvals.
Also, Oaktree, in a separate 13G filing, reported a position in Capital Product Partners LP (NASDAQ:CPLP), representing 6.9% of the company. According to the filing, the fund owns around 5.04 million common units representing limited partnership interests of Capital Product Partners LP (NASDAQ:CPLP). As of September 30, 2013, the fund owned 944,988 shares of the company.
Capital Product Partners LP (NASDAQ:CPLP) is an international diversified shipping company and leader in the seaborne transportation of a wide range of cargoes, including oil, refined oil products and chemicals as well as dry cargo and containerized goods.
In addition, Oaktree, in another filing, disclosed ownership of 5.36 million shares of Masonite International Corp. (NYSE:DOOR). The position represents 17.9% of the company, which designs and manufactures interior and exterior doors.