Norske Skog: New securitization financing in place and completed private placement of new shares
(Thomson Reuters ONE) -
Reference is made to the announcement on 18 March 2016 regarding amended
exchange offer; equity and liquidity initiatives; trading update and outlook.
Norske Skog has executed a new securitization facility ("NSF") with GSO and
Cyrus under which they provide us up to EUR 100 million of funding commitments
secured by receivables and inventory of the mills of Norske Skog Saugbrugs AS
and Norske Skog Skogn AS, the inventory of the mill of Norske Skog Golbey AS and
certain collection bank accounts. The proceeds from the NSF will exclusively be
used to replace the SpareBank1 Gruppen Finans AS Factoring Agreements and to
fund working capital expenses and other operational liquidity needs for the
group's mills. The SpareBank1 Gruppen Finans AS Factoring Agreements were
secured by the receivables of the mills of Norske Skog Saugbrugs AS and Norske
Skog Skogn AS and certain collection bank accounts.
Norske Skog has also received unconditional subscriptions of 63,460,714 new
shares at a subscription price of NOK 2.24 in the private placement directed to
GSO and Cyrus, in accordance with the announcement on 18 March 2016. The total
proceeds of the private placement amounts to NOK 142,151,999.36. The share
capital pertaining to the new shares will be registered in the Norwegian
Register of Business Enterprises as soon as possible. The newly issued shares
cannot be traded on the Oslo Stock Exchange before a listing prospectus has been
completed and published, and will accordingly be issued on an ISIN separate from
the ISIN of the Norske Skog's listed shares pending completion of the
prospectus.
Norske Skog is preparing for a repair offering directed towards shareholders,
which did not participate in the private placement. The details of the repair
offering have not been determined by Norske Skog and will be communicated in due
time. The shares are traded including the right to participate in the repair
offering pending further information from the Norske Skog.
This information is subject to 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
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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#1999144]
Unternehmensinformation / Kurzprofil:
Datum: 31.03.2016 - 08:51 Uhr
Sprache: Deutsch
News-ID 460894
Anzahl Zeichen: 3506
contact information:
Town:
Lysaker
Kategorie:
Business News
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