Meaningful progress with holders of the NSF facility and the Perpetual Notes

2017-11-03

Norske Skog has over the last few days made meaningful progress with the holders of the EUR 100 million NSF facility and the majority holder of the 2115 Perpetual Notes towards find a mutual acceptable solution where these financial instruments are included in the consensual recapitalization of the Norske Skog group. If a solution is achieved, Norske Skog will have received indicative support from the requisite majority of all relevant financial instruments in the Norske Skog capital structure.

Due to the need to include a solution for the NSF facility and the Perpetual Notes in the overall recapitalization proposal, a new consent solicitation to the secured and unsecured noteholders will need to be launched. It is not anticipated that the updated consent solicitation will include any material changes to the terms set out in the current consent solicitation statement. As a new consent solicitation will have to be launched, the current consent solicitation will not be extended and will therefore expire on 3 November 2017 at 17:00 CET.

- We are pleased to have meaningful progress towards a solution with the holders of the NSF facility and the majority holder of the Perpetual Notes. We remain optimistic that a consensual solution will be achieved, and that the final pieces of this long process will fall into place. Hopefully, we can launch an updated consent solicitation as soon as possible to incorporate the various elements of the solution with the holders of the NSF facility and the Perpetual Notes. If formal support is achieved at the same levels as indicated for the ongoing consent solicitation, the recapitalization will move on to be completed via Schemes of Arrangement under English law", said Mr. Christen Sveaas, Chairman of Norske Skogindustrier ASA.

The recapitalization transaction will need the support of existing shareholders of Norske Skogindustrier ASA, with a 2/3 majority in an extraordinary general meeting. An extraordinary general meeting will be called for shortly after expiry of the updated consent solicitation. All the major shareholder groups of Norske Skogindustrier ASA have continued to indicate their support for the consensual recapitalization solution between the Unsecured Committee and the Senior Secured Noteholder Committee.

This information is not for distribution in the United States and 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: Christen Sveaas Chairman Norske Skogindustrier ASA Email: Christen.Sveaas@kistefos.no

Lars P. S. Sperre CEO & President Norske Skogindustrier ASA Email: Lars.Sperre@norskeskog.com

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.

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Broad support from bondholders, extension required

2017-10-31

Norske Skog has so far received support from a clear majority of both the secured and the unsecured noteholders for the proposed recapitalization solution. Norske Skog has now likely surpassed the thresholds required to implement the transaction by way of Schemes of Arrangement. However, the transaction is also contingent upon support from the majority holder of the EUR 100 million NSF and the 2115 Perpetual Notes.

The consent solicitation deadline is extended until Friday 3 November at 17:00 CET to allow sufficient time to allow for further discussions with the holders of NSF and Perpetual Notes.

- We are pleased that we have likely achieved the sufficient level of support for the recapitalization from both the secured and the unsecured noteholders to execute an implementation via Scheme of Arrangements under UK laws. We now expect that holders of the EUR 100 million NSF and Perpetual Notes show constructive flexibility to reach a consensual transaction for their holdings", said Mr. Christen Sveaas, Chairman of Norske Skogindustrier ASA.

Regardless of the outcome of the recapitalization process, the business operations at our seven paper mills will continue as normal. This information is not for distribution in the United States and 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: Christen Sveaas Chairman Norske Skogindustrier ASA Email: Christen.Sveaas@kistefos.no

Lars P. S. Sperre CEO & President Norske Skogindustrier ASA Email: Lars.Sperre@norskeskog.com

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.

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Strong support for the recapitalization

2017-10-25

The board of directors and the management of Norske Skog are pleased to have received strong support from both secured and unsecured bondholders and shareholders for the proposed recapitalization solution. In direct dialogue with these holders, the vast majority are supportive of the proposal. The consent solicitation deadline is extended until Tuesday 31 October at 17:00 CET to allow sufficient time for holders to provide formal consent through their respective bond custodians and submit lock-up agreements to Lucid Issuer Services Limited as information and tabulation agent.

In relation to the secured and unsecured tranches and following direct dialogue with holders, the indications of support suggest that the thresholds required to implement the transaction by way of Schemes of Arrangement will be reached.

A consensual recapitalization proposal is also contingent upon support from the holders of the EUR 100 million Norwegian Securitization Facility due 2020 (NSF) and a majority of the 2115 Perpetual Notes. The extension period will allow holders to provide formal consent and submit lock-up agreements. The extension period will also be used to continue discussions with the holders of the NSF and holders of the 2115 Perpetual Notes to try to achieve support also from these two remaining creditor groups.

- We are pleased that practically all stakeholders targeted in the consent solicitation process are supporting for a consensual recapitalization of the current Norske Skog group. We will now spend time to ensure the registration and documentation of formal support for the recapitalization occurs. Equally important, we will do our outmost to obtain the support to the recapitalization from the holders of the NSF and the 2115 Perpetual Notes holders," said Mr. Christen Sveaas, Chairman of Norske Skogindustrier ASA.

Regardless of the outcome of the recapitalization process, the business operations at our seven paper mills will continue as normal.

If the requisite consent levels are not reached, the listed parent company Norske Skogindustrier ASA will likely file for debt negotiations or bankruptcy in the Norwegian courts. The secured creditors of Norske Skog AS will then likely enforce upon their security resulting in the operating business being transferred into new ownership.

Simultaneously with the efforts to gather the required consent for the recapitalization proposal, the board of directors and the management of Norske Skog are preparing a contingency plan if adequate consent for the recapitalization solution is not reached. As part of this plan, Norske Skog has involved financial advisors pursuant to the terms of the indenture for the 2019 Senior Secured Notes to perform a valuation of the group.

All holders of relevant Norske Skog bonds must provide their consents through their respective bond custodians, and are encouraged to contact the following persons on all matters related to the consent solicitation:

The Information and Tabulation Agent: Lucid Issuer Services Limited For information by telephone: +44 20 7704 0880 Attention: Yves Theis or Paul Kamminga Email: norskeskog@lucid-is.com

Norske Skog financial markets: Tom Rogn Vice President Investor Relations Mob: +47 948 55 659 E-mail: tom.rogn@norskeskog.com

This information is not for distribution in the United States and 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: Christen Sveaas Chairman Norske Skogindustrier ASA Email: Christen.Sveaas@kistefos.no

Lars P. S. Sperre CEO & President Norske Skogindustrier ASA Email: Lars.Sperre@norskeskog.com

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.

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Strong shareholder support for the recapitalization

2017-10-19

All the major shareholder groups of Norske Skogindustrier ASA have indicated their strong support for the consensual recapitalization solution between the Unsecured Committee and the Senior Secured Noteholder Committee reached yesterday.

Among the 20 largest shareholders, who control about 38 % of the total number of shares in Norske Skogindustrier ASA, there are already over 75 % support for the recapitalization proposal. At the last general meetings, there have been about 35 - 40 % attendance from the shareholders, where the largest shareholders would constitute more than 90 % of the votes. The transaction will need the support of existing shareholders of Norske Skogindustrier ASA, with a 2/3 majority in an extraordinary general meeting. Among the 20 largest shareholders, there are some nominee accounts, where the shareholder is not known to the public or the company. Such nominee accounts represent almost 20 % of the total number of shares controlled by the 20 largest shareholders, and their vote is therefore unknown to the company.

"We are pleased to see that all known major shareholders will support the recapitalization transaction. As repeatedly stated, all alternatives to a consensual solution will entail significantly less value for all parties and rather complicated insolvency processes. If the proposal is successful, the transaction will reduce the group's gross debt from approximately NOK 9 billion to approximately NOK 3 billion and reduce annual cash interest costs from approximately NOK 600 to 200 million", says Mr. Christen Sveaas, chairman and the largest shareholder of Norske Skogindustrier ASA.

The formal consent solicitation deadline is Wednesday 25 October at 17:00 CET to allow adequate time for the group's noteholders to submit their formal consents. So far, over 80% of the EUR 290 million senior secured noteholders and more than 50% of the unsecured noteholders have indicated their willingness to support the adjusted recapitalization proposal. An extraordinary general meeting will be called for shortly after the expiry of the consent solicitation offer period. The transaction also needs the support of the holders of the EUR 100 million NSF facility due in 2020 and the perpetual notes due in 2115.

This information is not for distribution in the United States and 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: Christen Sveaas Chairman Norske Skogindustrier ASA Email: Christen.Sveaas@kistefos.no Lars P. S. Sperre CEO & President Norske Skogindustrier ASA Email: Lars.Sperre@norskeskog.com

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.

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Final solution with creditor committees reached

2017-10-18

The board of directors and management of Norske Skog are pleased to announce that it has managed to broker a consensual solution between the Unsecured Committee, the Senior Secured Noteholder Committee and major shareholders. The two bondholder committees and the major shareholders have agreed on a split of the equity ownership of Norske Skogindustrier ASA, following the recapitalization transaction that these groups will support. With this development, over 80% of the senior secured noteholders and more than 50% of the unsecured noteholders have now indicated their willingness to support such an adjusted recapitalization proposal.

Therefore, the relevant boards in the Norske Skog group have resolved to revise the terms of the ongoing consent solicitation in accordance with the split agreed. The formal consent solicitation deadline is extended until Wednesday 25 October at 17:00 CET to allow adequate time for the group's noteholders to submit their formal consents.

"We are very pleased that the representatives of the bondholder committees and shareholders have bridged the gap in economic distance, and that a material portion of our largest creditors and shareholders are supportive of the recapitalization proposal. Now, I urge all stakeholders of the Norske Skog group to provide their consents to the recapitalization proposal so that the requisite consent thresholds can be reached. As repeatedly stated, all alternatives to a consensual solution will entail significantly less value for all parties and rather complicated insolvency processes", says Mr. Christen Sveaas, chairman of Norske Skogindustrier ASA.

Compared to the recapitalization proposal launched on 11 October, the changes made to the split of the equity ownership of Norske Skogindustrier ASA after the recapitalization (before any new money offering) will be as follows (11 October proposal in parentheses):

a. Secured noteholders: 90.75 % (91.0 %) b. Unsecured noteholders: 6.75 % (6.3 %) c. Existing shareholders: 2.50 % (2.7 %)

All holders of relevant Norske Skog bonds must provide their consents through their respective bond custodians, and are encouraged to contact the following persons on all matters related to the consent solicitation:

The Information and Tabulation Agent: Lucid Issuer Services Limited For information by telephone: +44 20 7704 0880 Attention: Yves Theis or Paul Kamminga Email: norskeskog@lucid-is.com

Norske Skog financial markets: Tom Rogn Vice President Investor Relations Mob: +47 948 55 659 E-mail: tom.rogn@norskeskog.com

This information is not for distribution in the United States and 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: Christen Sveaas Chairman, Norske Skogindustrier ASA Email: Christen.Sveaas@kistefos.no Lars P. S. Sperre CEO & President, Norske Skogindustrier ASA Email: Lars.Sperre@norskeskog.com

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.

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Mail

Norske Skogindustrier ASA
PB 294 Skøyen
0213 Oslo
Norway
info@norskeskog.com

Phone: +47 22 51 20 20
Main fax: +47 22 51 20 21
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Visitors

Norske Skogindustrier ASA
Karenslyst allé 49
0278 Oslo

Norske Skogindustrier ASA, PB 294 Skøyen, 0213 Oslo, Norway

Phone: +47 22 51 20 20 - Main fax: +47 22 51 20 21