Status recapitalization process

2017-06-28

The board of Norske Skogindustrier ASA has decided to use the 30-day interest payment grace periods on its existing senior notes due in 2026 and the Norwegian Securitization Facility due in 2020 (the "NSF"), thereby postponing interest payments of about EUR 5 million, to support the operating business.

- Norske Skog will use the 30-day grace periods to continue constructive discussions with all stakeholders regarding its ongoing effort to achieve a consensual recapitalization transaction for the Norske Skog group. The company will continue to follow and evaluate the situation thoroughly before the end of the grace periods, said Mr. Lars P.S. Sperre, President and CEO of Norske Skog.

The final acceptance and consent deadline for the exchange offers and consent solicitations that are a part of the recapitalization transaction is 12 July 2017 (at 23:59 New York City time).

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:

Norske Skog media: Vice President Corporate Communication Carsten Dybevig Mob: +47 917 63 117

Norske Skog financial markets: Vice President Investor Relations Tom Rogn 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.

This press release does not constitute an offer to sell or buy or the solicitation of an offer to sell or buy any securities of Norske Skog, 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.

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Norske Skogindustrier ASA announces extension and amendment of exchange offers and consent solicitations and use of 30-day grace period for interest payment on Senior Secured Notes due 2019

2017-06-14

NORSKE SKOGINDUSTRIER ASA ANNOUNCES EXTENSION OF AND AMENDMENTS TO EXCHANGE OFFERS AND CONSENT SOLICITATIONS FOR THE EUR 290,000,000 SENIOR SECURED NOTES DUE 2019 (ISINs: XS1181663292 AND XS1181663532), EUR 159,017,000 SENIOR NOTES DUE 2021 (ISINs: XS1193909154 AND XS1193907968), USD 60,649,000 SENIOR NOTES DUE 2023 (ISINs: USR59730AA00 AND US65653AAA88 ; CUSIPs: R59730AA0 AND 65653AAA8), EUR 114,212,347 SENIOR NOTES DUE 2026 (ISINs: XS1394812595 AND XS1394812751) AND USD 200,000,000 SENIOR NOTES DUE 2033 (ISINs: USR80036AQ09 AND US656533AC01 ; CUSIPs: R80036AQ0, 656533AC0)

June 14, 2017 - NORSKE SKOGINDUSTRIER ASA (the "Parent") announces extension of and amendments to the invitation of (i) the Parent to holders (subject to the offer restrictions referred to below) of (a) the outstanding EUR 159,017,000 8.00% senior notes due 2021 (the "2021 Notes") issued by Norske Skog Holding AS (the "Existing Exchange Notes Issuer"), (b) the outstanding USD 60,649,000 8.00% senior notes due 2023 (the "2023 Notes", and together with the 2021 Notes, the "Existing Exchange Notes") issued by the Existing Exchange Notes Issuer, (c) the outstanding EUR 114,212,347 3.5% cash/3.5% PIK senior notes due 2026 (the "2026 Notes") issued by the Parent and (d) the outstanding USD 200,000,000 7.125% senior notes due 2033 issued by the Parent (the "2033 Notes" and together with the Existing Exchange Notes and the 2026 Notes, the "Existing Unsecured Notes") to offer to exchange their relevant Existing Unsecured Notes for the applicable consideration, to be comprised of a certain amount of ordinary shares of the Parent (the "Ordinary Shares") and (ii) Norske Skog AS (the "Senior Secured Exchange Notes Issuer") to holders of its EUR 290,000,000 11.75% senior secured notes (the "Existing Senior Secured Notes") to offer to exchange their Existing Senior Secured Notes for the applicable consideration, to be comprised of a certain amount of new euro-denominated 8.00% senior secured notes due 2021 (the "Senior Secured Exchange Notes") to be issued by the Senior Secured Exchange Notes Issuer. The offer to exchange the Existing Unsecured Notes for the consideration set forth in the Exchange Offer and Consent Solicitation Memorandum (as defined herein) is referred to as the Unsecured Notes Exchange Offers and the offer to exchange the Senior Secured Notes for the consider set forth herein is referred to as the Senior Secured Notes Exchange Offer (together with the Unsecured Notes Exchange Offers, the "Exchange Offers").

The Exchange Offers and Consent Solicitations are made on the terms and subject to the conditions set out in the exchange offer and consent solicitation memorandum dated June 2, 2017 (the "Exchange Offer and Consent Solicitation Memorandum") and, as amended, will expire at 11:59 p.m., New York City Time, on July 12, 2017 (subject to the right of the Parent and/or the Senior Secured Exchange Notes Issuer to extend, re- open, amend, terminate and/or withdraw all of the Exchange Offers and/or Consent Solicitations) (the "Expiration Deadline"). The amended terms and conditions are set forth in supplement no. 1 dated June 14, 2017 (the "Supplement") to the Exchange Offer and Consent Solicitation Memorandum. Other than set forth in the Supplement, all terms of the Exchange Offers and Consent Solicitations remain unchanged.

Copies of the Exchange Offer and Consent Solicitation Memorandum and the Supplement are available from the Exchange and Tabulation Agent as set out below. Capitalized terms used in this announcement but not defined have the meanings given to them in the Exchange Offer and Consent Solicitation Memorandum.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Update on the recapitalization process

2017-06-14

Norske Skog has received significant engagement from debtholders, and continued support for the transaction structure. The exchange offer has not yet achieved adequate level of acceptance. The Board has thus decided to amend certain terms of the exchange offers and extend the timeline to allow for prudent diligence and on-going constructive discussion between the stakeholders. The Board has also decided to use the 30-day interest payment grace period on the existing 2019 senior secured notes (SSN) to support the operating business.

"There is still strong support for the recapitalization transaction structure and for equitizing all junior debt, but the value allocation across creditor classes remains challenging. We are constructively working with our various debtholders on finding a solution that protects value for all stakeholders," said Mr. Lars P.S. Sperre, President and CEO of Norske Skog.

As of 13 June 2017, the exchange offers and consent solicitations announced on 2 June 2017 had received significant engagement from debtholders, but not yet reached the adequate level of acceptance. The board of Norske Skog has thus decided to amend the terms of the exchange offers and consent solicitations to extend the acceptance and consent deadline until 12 July 2017 and such that the higher amount of consideration available for an early acceptance ("early bird") now also is available to all holders until the final deadline.

"To ensure that this process does not impact the operational business of Norske Skog, we have decided to use the interest payment grace period whilst discussions continue," said Mr. Lars P.S. Sperre, President and CEO of Norske Skog.

Norske Skog will use the 30-day SSN interest payment grace period to continue constructive discussions with all stakeholders regarding its ongoing effort to achieve the consensual recapitalization transaction contemplated by the exchange offers and consent solicitations. The board will continue to follow and evaluate the situation thoroughly before the end of the grace period. The final acceptance and consent deadline has been extended to 12 July 2017 (at 23.59 New York time).

"Norske Skog is a vital and sustainable group with 7 competitive business units with an acceptable operational cash flow but too much is consumed by interest payments and not to develop existing and new, green business. A recapitalization will benefit the company and all stakeholder groups by substantially reducing the debt and interest expense and improve the equity value significantly," concluded Mr. Lars P.S. Sperre, President and CEO of Norske Skog.

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:

Norske Skog media: Vice President Corporate Communication Carsten Dybevig Mob: +47 917 63 117

Norske Skog financial markets: Vice President Investor Relations Tom Rogn 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.

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.

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Norske Skog launches transaction for future growth

2017-06-02

Norske Skog launches a recapitalization transaction that will significantly reduce the group's debt level and interest cost, increase the equity value, and position the company to deliver on its future growth strategy. Following consistent investor feedback, Norske Skog has discussed the transaction proposal with major debt and equity investors, and received general support for a transaction, which sees the unsecured bonds equitised.

- "After years of managing high debts in declining markets, Norske Skog now has a sustainable business portfolio with very competitive business units. The group generates an acceptable level of cash flow from operations, but too much is consumed by interest payments, leaving little to be reinvested in the existing business. This is a balanced recapitalization proposal that will substantially reduce the group's debt level and interest expenses, enabling the group to invest both in core business and green growth initiatives. The proposal is clearly in the best interest of all stakeholders and only less beneficial alternatives exist," said Mr. Lars P.S. Sperre, President and CEO of Norske Skog.

The transaction proposal consists of four conditions that all need to be fulfilled for the transaction to be completed: 1. A maturity extension of the EUR 290 million senior secured notes (SSN) from 2019 to 2021, including a reduction of the coupon rate from 11.75% to 8%. 2. A maturity extension of the EUR 100 million Norwegian Securitisation Facility (NSF) from 2020 to 2022. 3. The exchange of all unsecured bonds and the perpetual notes into equity. There are EUR 345 million and USD 156 million respectively outstanding in unsecured bonds and perpetual notes before the transaction. 4. A rights issue raising up to EUR 70 million in new money to finance the group's planned improvement and growth projects.

A successful transaction will pro forma reduce the total debt inclusive perpetual notes from NOK 8.7 billion to around NOK 4.2 billion and improve the group's book equity to approximately NOK 3.5 billion. Existing shareholders will hold 10% of the new book equity following the transaction. Prior to the transaction, existing shareholders are holding 100% of a book equity of NOK 39 million on latest reported figures. The proposal will reduce annual interest cost with approximately NOK 300 million.

-"For the transaction to be successful, over 90% bondholders need to accept the proposal, in addition, shareholders must approve the transaction with 2/3 of votes at an extraordinary general meeting . To facilitate full participation among the bondholders, we will endeavour to apply available legal tools to make the transaction binding for any blocking minority, such as UK schemes of arrangement. The transaction proposal provides a balanced recovery for the existing shareholders of Norske Skog and is an attractive opportunity to invest into the new capital structure of Norske Skog," said Mr. Lars P.S. Sperre, President and CEO of Norske Skog. Norske Skog has struggled with high debts in a challenging industry for several years. However, impressive efforts by employees have contributed to reduced costs and significantly improved the competitiveness of the group.

A deleveraged group will be able to diversify its business through green growth projects in synergy with the existing paper production. Identified growth initiatives include biogas, wood pellets, tissue paper, nanocellulose and production of renewable, fibre-based alternatives to oil-based plastic products. A diversified Norske Skog with a strong balance sheet will also be an attractive European consolidation partner for the publication paper industry in Europe. The early bird consent date for the transaction is on 15 June 2017 and the final consent deadline is on 29 June 2017 (at 23.59 New York time). For a complete description of the transaction, please see the attached presentation and long form transaction announcement.

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:

Norske Skog media: Vice President Corporate Communication Carsten Dybevig Mob: +47 917 63 117 Norske Skog financial markets: Vice President Investor Relations Tom Rogn 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.

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.

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Norske Skogindustrier ASA - Mandatory notification of trade and disclosure of shareholding

2017-05-15

Funds under the management of GSO Capital Partners LP (together, "GSO"), a limited partnership controlled by The Blackstone Group L.P. have on 12 May 2017 sold 376,919 shares of Norske Skogindustrier ASA (the "Company" or "Norske Skog") at a net price of NOK 0.88 per share.

After the transaction, GSO owns 52,927,262 shares, equivalent to 18.97%of the issued share capital and voting rights in Norske Skog.

This notification is made pursuant to Section 4-2 of the Norwegian Securities Trading Act. GSO is represented on the board of directors of Norske Skog.

For further information, please contact:

Andrew Dowler Blackstone +44 207 451 4275

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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