Norske Skog update on financing and auditor process
Update on financing
In accordance with the 18 March 2016 stock exchange disclosure regarding the financial support agreement with GSO and Cyrus, Norske Skog has successfully implemented a EUR 20 million transaction financing the sales process of the Tasman geothermal power plant, and in addition, raised a EUR 10 million loan from GSO and Cyrus. The initiative to free up trapped cash of up to EUR 10 million is still ongoing.
- Today's repayment of the June 2016 bond maturity ends a 7 months challenging journey for Norske Skog. In this period, we have succeeded in protecting value for all stakeholders by realizing de-leveraging, improving book equity by more than NOK 1 billion, reducing the cash interest level by more than NOK 100 million per year and extending debt maturities by 6 years, said Mr. Sven Ombudstvedt, President and CEO of Norske Skog.
The Norwegian register of Business Enterprises (Foretaksregisteret) has extended the four weeks period for registration of new auditor for the company. The extended period for registration of a new auditor ends 10 August 2016.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Oslo, 15 June 2016
Communications and Public Affairs
For further information:
|Norske Skog media:
Vice President Corporate Communication
Mob: +47 917 63 117
|Norske Skog financial markets:
Vice President Investor Relations
Mob: +47 948 55 659