Norske Skog - 5 year euro bond
(Thomson Reuters ONE) -
Norske Skog expects to price a Euro denominated bond offering of EUR 150 million
(approx. NOK 1.2 billion) with a maturity of 5 years at 09.30 CET Tuesday, 7
June. Norske Skog intends to use the proceeds of the offering to repay the near
term portion of its existing indebtedness and thereby increase the average time
to maturity. The group's future net interest costs are expected to remain at
current levels.
- "There is currently a difficult bond market due to today's macro conditions.
This results in financing being expensive, and we choose therefore only to raise
EUR 150 million. We now have sufficient funds through cash on hand, previous
asset sales and new financing to cover the loan maturities in 2011 and 2012,"
says CEO of Norske Skog Sven Ombudstvedt. Following this offering and the
repayment of our debt maturing in 2011 and 2012, our primary long-term debt
maturities will be in 2016 and thereafter. The company also believes it has
access to sufficient sources of alternative financing should this be necessary.
Due to the particular circumstances surrounding the company's stock trading on
the 6 June, Norske Skog reiterates that there are no plans for an equity
issuance connected to this refinancing. The company is not aware of any reason
for any unusual trading in its shares.
Oxenøen, 7 June 2011
Norske Skog
Corporate communication
For further information:
Media: Financial markets:
Vice President Corporate Communication Vice President Corporate Funding
Carsten Dybevig Odd-Geir Lyngstad
Mob: (+47) 917 63 117 Mob: (+47) 976 72 806
Senior Advisor Investor Relations
Frode Tegnér
Mob: (+47) 906 19 102
The foregoing constitute "forward-looking statements" which are based on the
Company's expectations about future events. While such statements accurately
reflect the Company's current expectations, they are subject to risks and
uncertainties and actual results could differ materially from those expected or
implied by the forward-looking statements.
Stabilisation/FSA
The securities mentioned herein have not been, and will not be, registered under
the United States Securities Act of 1933 (the "Securities Act") and may not be
offered or sold in the United States unless they are registered under the
Securities Act or pursuant to an exemption from registration. The securities
are being privately placed and there will be no public offering of any
securities in the United States.
This press release does not constitute or form part of any offer or invitation
to sell, or any solicitation of any offer to purchase nor shall it (or any part
of it) or the fact of its distribution, form the basis of, or be relied on in
connection with, any contract therefore. The offer and the distribution of this
press release and other information in connection with the listing and offer in
certain jurisdictions may be restricted by law and persons into whose possession
any document or other information referred to herein comes should inform
themselves about and observe any such restriction. Any failure to comply with
these restrictions may constitute a violation of the securities laws of any such
jurisdiction.
This communication is only directed at (i) persons who are outside the United
Kingdom or (ii) investment professionals 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)(a) to (d) of the Order
(all such persons together being referred to as "relevant persons"). Any offered
securities will only be available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such securities will be engaged in only
with, relevant persons. Any person who is not a relevant person should not act
or rely on this communication or any of its contents.
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#1521629]
Unternehmensinformation / Kurzprofil:
Datum: 07.06.2011 - 00:48 Uhr
Sprache: Deutsch
News-ID 55334
Anzahl Zeichen: 5328
contact information:
Town:
Lysaker
Kategorie:
Business News
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