Norske Skog: Refinancing successfully completed
(Thomson Reuters ONE) -
Norske Skog has completed the refinancing of a portion of its bond maturities
through the issuance of EUR 290 million senior secured notes (SSN) and the
exchange of existing bonds into new bonds with longer maturities.
- We are very pleased that our refinancing plan announced in January now has
been successfully completed. Following these transactions, we have significantly
improved our capital structure through enhanced liquidity, immediate de-
leveraging and an extended maturity profile, said Mr. Sven Ombudstvedt,
President and CEO of Norske Skog.
Norske Skog has extended the maturities on a significant portion of its
indebtedness, with new notes maturing in 2019, 2021 and 2023. The new EUR 290
million SSN mature in December 2019 and will be structurally senior to all
remaining existing notes and notes issued in the exchange offer. The exchange
notes will be structurally junior to the SSN, but structurally senior to
remaining existing notes and mature in 2021 and 2023. The remaining existing
notes will be structurally junior to the SSN and exchange notes. For further
information on the exchange offers outcome, please see the separate announcement
related to the Exchanges Offers and Consent Solicitations released today.
More than 75% of the existing bond holders consented to the transactions, and
approximately 45% of the existing bonds participated in the exchange offer.
Immediate de-leveraging of around NOK 500 million was realized in the
refinancing. This leads to a significant improvement in the group's total
liquidity, despite a short-term increase in the cost of borrowings. The final
settlement of the transactions is scheduled for 24 February 2015.
- With the refinancing completed, we can shift full focus to business
operations. In Europe, we now have very competitive assets with the weaker NOK,
while our export business, benefit from the stronger USD. As always, cost and
capital efficiency remain a top priority, said Mr. Ombudstvedt.
The advisors for the transactions are Goldman Sachs International and Citi. This
information is subject of the disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.
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 press release may include projections and other "forward-looking"
statements within the meaning of applicable securities laws. Any such
projections or statements reflect the current views of Norske Skogindustrier ASA
or its subsidiaries ("Norske Skog") about further events and financial
performance. Although Norske Skog believes that these views and assumptions are
reasonable, the statements are subject to numerous factors, risks and
uncertainties that could cause actual outcomes and results to be materially
different from those projected. No assurances can be given that such events or
performance will occur as projected and actual results may differ materially
from these projections.
This press release shall not constitute an offer to sell or a solicitation of an
offer to purchase any securities in the Unites States, and shall not constitute
an offer, solicitation or sale in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful. The securities have not been and
will not be registered under the Securities Act of 1933 (the "Securities Act").
The securities may not be offered or sold in the United States absent
registration under the Securities Act or an applicable exemption from
registration requirements. Any public offering of securities to be made in the
United States will be made by means of a prospectus that may be obtained from
the issuer and that will contain detailed information about the company and
management, as well as financial statements. This press release is being issued
pursuant to and in accordance with Rule 135e under the Securities Act.
In member states of the European Economic Area, this press release (and any
offer of the securities referred to herein if made subsequently) is only
addressed to and directed at persons who are "qualified investors" within the
meaning of Article 2(1)(e) of the Prospectus Directive.
This press release is directed only at (i) persons who are outside the United
Kingdom or (ii) persons who have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth
entities, and other persons to whom it may lawfully be communicated, falling
within Article 49(2) of the Order or (iv) persons to whom an invitation or
inducement to engage in investment activity (within the meaning of Section 21 of
the Financial Services and Markets Act 2000 (the "FSMA")) in connection with the
issue or sale of any notes may otherwise be lawfully communicated or caused to
be communicated (all such persons together being referred to as "relevant
persons"). Any investment activity to which this communication relates will only
be available to and will only be engaged with, relevant persons. Any person who
is not a relevant person should not act or rely on this document or any of its
contents.
In connection with the issuance of the SSN, the stabilizing manager (or any
person acting on behalf of the stabilizing manager) may over-allot the SSN or
effect transactions with a view to supporting the market price of the notes at a
level higher than that which might otherwise prevail. However, there is no
assurance that the stabilizing manager (or any person acting on behalf of the
stabilizing manager) will undertake stabilization action. Any stabilization
action may begin on or after the date on which adequate public disclosure of the
terms of the offer of the SSN is made and, if begun, may be ended at any time,
but it must end no later than the earlier of 30 days after the issue date of the
SSN and 60 days after the date of the allotment of the SSN. Any stabilization
action or over-allotment must be conducted by the stabilizing manager (or person
acting on behalf of the stabilizing manager) in accordance with all applicable
laws and rules.
This press release does not constitute an offer to sell or buy or the
solicitation of an offer to sell or buy the existing bonds and/or the new
unsecured notes, as applicable (and offers of existing bonds for exchange
pursuant to the offers will not be accepted from holders), in any circumstances
in which such offer or solicitation is unlawful.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1896609]
Unternehmensinformation / Kurzprofil:
Datum: 23.02.2015 - 18:43 Uhr
Sprache: Deutsch
News-ID 373483
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