GSO exits Norske Skog

18 Aug 2017 − 

Investment company Kistefos AS acquires shares sold by GSO and raises its stake in Norske Skog to 12.81%.

GSO Capital Partners, the credit division of Blackstone, has exited the capital of Norske Skog at the start of this week. According to a mandatory notification from the Oslo Stock Exchange, funds under the management of GSO have sold close to 24 million shares in the company at a price of NOK 0.40 per share. Following the divestment, GSO owns no more shares in Norske Skog, Oslo Børs announced on 14 August.

The 24 million shares sold by GSO have been acquired by the Norwegian investment company Kistefos AS. According to a separate announcement by the Oslo Stock Echange on 15 August, Kistefos now holds 35.7 million of Norske Skog shares, corresponding to 12.81% of the company's share capital.

The debt shaken Norwegian publication paper manufacturer is discussing different recapitalisation proposals with its shareholders and bondholders. The deadlines for the existing exchange offers and consent solicitations expire on 18 August.

Norske Skog's parent company has scheduled an extraordinary shareholder meeting for 24 August when it will provide an update on the refinancing process to the shareholders andreview the composition of the board of directors.

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