Norske Skog announces successful placement of EUR 150 million of new senior secured bonds

Norske Skog ASA (“Norske Skog”) has successfully completed a EUR 150 million senior secured bond issue with maturity in March 2026. The new bonds will have a coupon of 3 months EURIBOR plus 550 bps.

We are satisfied with the strong investor demand and to have secured new long-term financing for the group, allowing us to pursue our strategic growth initiatives, says Sven Ombudstvedt, CEO of Norske Skog.

The net proceeds from the bond issue will inter alia be used to refinance Norske Skog’s outstanding bond maturing in June 2022 (“NSKOG01”). The refinancing is part of a group-wide capitalisation process to finance strategic investments into the growing and high-margin recycled containerboard market.

Concurrently with the new bond issue, Norske Skog expects to buy back around EUR 72 million of the outstanding NSKOG01 bonds and to call the remaining outstanding bonds. A call notice for NSKOG01 is expected to be issued in conjunction with settlement of the new bond issue.

DNB Markets and Pareto Securities acted as Joint Lead Managers in connection with the placement of the new bond issue. An application will be made for the bonds to be listed on Oslo Børs.
https://www.norskeskog.com/Investors/Press-releases/English-press-releases/Successful-placement-of-EUR-150-million-of-new-senior-secured-bonds?PID=4241&M=NewsV2&Action=1

Related Posts

Solenis to Increase Prices on Wet Strength Product Lines Across Europe, Middle East and Africa (EMEA)

Solenis, a leading global producer of specialty chemicals, will increase prices by up to 20 percent on all wet strength resins in EMEA, effective immediately or as contracts allow. The price increase is necessary due to lack of raw material availability, escalating key raw material costs and a surge in freight costs that has led to additional pressure on our global supply chain. “We are unable to absorb the impact of the increased costs that we are currently experiencing but we will continue to work in partnership with our customers to help mitigate the increases,” said Jose Santolaya, director, EMEA marketing and product management.

Fire Outbreak at Kotkamills’ sawmill on April 14th caused minor damage, sawmill production will start on April 15th

Fire at Kotkamills' sawmill at 3:45 in a Debarker machine caused minor financial damages. No one was injured. In-house fire-Fighters and Municipal fire-Fighters opened the machine and extinguished the fire. The fire caused only minor damages on the sawmill's production. Repair and maintenance work has been done today. Tomorrow, on April 15th, after the production test runs, the sawmill production will be restarted. According to current estimates, the financial damages will be a few tens of thousands of euros. The production at the paper and board machines was not affected.

Mondi Trading Update October 14, 2022

Underlying EBITDA from continuing operations (Group excluding the Russian operations) for the third quarter was €450 million, up 55% compared to the prior year period (Q3 2021: €290 million). Higher average selling prices and overall volume growth more than offset significant cost pressures. Corrugated Packaging benefitted from higher average selling prices compared to the prior year period, leveraging our innovative product portfolio and strong customer proposition. Corrugated Solutions box volumes were lower in the quarter driven by generally softer demand when compared with the strong volume growth delivered in the prior year. Flexible Packaging performed well, with resilient demand during the period. Price increases across our range of kraft papers and packaging products were implemented during the quarter, where not fixed by annual or semi-annual contracts. Uncoated Fine Paper achieved higher average selling prices and grew pulp volumes in the quarter while uncoated fine paper volumes were lower. The non-cash forestry fair value gain was higher.
Back To Top
×Close search
Search