Norske Skog increases liquidity by NOK 250 million
(Thomson Reuters ONE) -
Norske Skog has signed a loan agreement (securitisation facilty) with SpareBank
1 Gruppen Finans AS. Norske Skog will raise a loan of NOK 250 million in
SpareBank 1 Gruppen, secured by accounts receivable in the two Norwegian mills:
Norske Skog Skogn AS og Norske Skog Saugbrugs AS.
- We have now strengthened our long-term financing of the company through this
agreement with SpareBank 1 Gruppen Finans AS. We have now sufficient funds to
cover debt obligations in 2014, says Sven Ombudstvedt, President and CEO in
Norske Skog.
- To further strengthen the group's financial flexibility, we aim to get similar
agreements for the remaining European mills in the group during the first half
of 2014, says Sven Ombudstvedt, President and CEO in Norske Skog.
Norske Skog Skogn and Norske Skog Saugbrugs have a combined annual revenue of
approximately NOK 4 billion, and outstanding receivables of about NOK 350
million. Under the agreement, Norske Skog will continue to collect receivables
from customers. The agreement with Sparebank 1 Gruppen Finans AS is over a
minimum of three years without restrictive financial covenants. The interest
cost is competitive compared with similar secured financing.
Norske Skog
Communications and Public Affairs
For further information:
Norske Skog media: Norske Skog financial markets:
Vice President Corporate Communication Vice President Investor Relations
Carsten Dybevig Tom Rogn
Mob: +47 917 63 117 Mob: +47 948 55 659
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norske Skog via Thomson Reuters ONE
[HUG#1743790]
Unternehmensinformation / Kurzprofil:
Datum: 18.11.2013 - 08:02 Uhr
Sprache: Deutsch
News-ID 317435
Anzahl Zeichen: 2430
contact information:
Town:
Lysaker
Kategorie:
Business News
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