Norway's publication paper manufacturer is now under new ownership.
Oceanwood Capital Management Limited has completed the acquisition of 100% of shares in Norske Skog AS. The acquisition of the Norwegian press paper manufacturer is carried out by Oceanwood Special Situations Malta Limited, a wholly owned subsidiary of Oceanwood Opportunities Master Fund, and its 100% owned special purpose vehicle NS Norway Holding AS.
The adjusted net purchase price for 100% of the shares in Norske Skog AS amounts to approximately €236m of which €231m is expected to be distributed to the holders of the €290m senior secured notes due 2019 (SSNs) and the lenders under the €16m liquidity facility (Liquidity Facility) shortly after closing, the company announced.
Norske Skog, which is the operating arm of the insolvent parent company Norske Skogindustrier ASA, runs four paper mills in Europe and three paper mills in Australia and New Zealand with a total capacity of 1.8 million tpy of newsprint and 900.000 tpy of magazine paper.
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