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12/09-2017 08:00:00: (NSG) Norske Skog plans to launch a new recapitalization proposal

Norske Skog's newly elected board of directors is progressing 
the recapitalization process and will continue to work to 
develop a sustainable, industrially based recapitalization 
proposal to the stakeholders of the group. This 
recapitalization proposal will be based on the current 
operating performance and outlook for the Norske Skog group, 
and will seek to provide a robust industrial and financial 
platform for the future development of the group. 

The board's current intention is to make public the 
industrially based recapitalization proposal  on Monday 18 
September (at 13.00 CET), after which date the group's 
financial creditors will be expected to have a 10 business day 
period until 2 October at 17.00 CET to accept or reject the 
board's proposal.
The recapitalization proposal will be based on the recently 
announced 2017 gross operating earnings estimate of around NOK 
700 million. The recapitalization proposal will reduce the 
group's debt position and interest payments to a level which 
leaves Norske Skog as an industrial company with a realistic 
and long term sustainable capital structure to enable future 
development of the group in a rather challenging international 
business environment. 

The company would like to remind stakeholders that the long 
term performance and competitiveness of Norske Skog's business 
units are heavily influenced by fluctuations in currency, 
selling prices and prices of raw materials, especially energy 
and fibre. 

In Europe our operating units have long-term power contracts 
applying today's forward prices on electricity and currency 
rates, which constitute approximately gross NOK 1.7 billion 
negative value. Using today's currency and forward prices on 
electricity the contracts for the period from 2020 to 2024 
imply on average an annual costs increase of approximately NOK 
200 million and around NOK 60 million for 2025, compared to 
the energy costs in 2017. For 2017, the energy costs are 
estimated to include approximately NOK 100 million in annual 
negative value from the long term power contracts. In 
Australasia our operating units have long-term power contracts 
applying today's forward prices on electricity and currency 
rates, which constitute approximately gross NOK 1.8 billion 
positive value. Applying today's currency and forward prices 
on electricity, the annual cost of energy would increase by 
approximately NOK 300 million in 2021 and approximately NOK 
250 million further from mid 2022 due to the expiration of the 
long-term contracts. The calculation of these values is highly 
sensitive to changes in forward prices and currency rates, 
likewise, there is material uncertainty on these two factors 
as some of the power supply contract arrangements are in place 
until 2026. 

Norske Skog will be holding a press conference prior to the 
new recapitalization launch on Monday 18 September 2017 at 
13:00 CET at Karenslyst allé 2 in Oslo. 

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:
Lars P. Sperre
President & CEO

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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