Norske Skog resets covenants
Bank lenders to Norwegian paper company Norske Skog’s €140m revolving credit facility, which was signed in May 2011, have agreed to reset financial covenants on the loan to give the company additional headroom in 2012.
Citigroup, DnB Nor, Nordea and SEB are arrangers of the facility, with DnB Nor acting as agent.
The companys permitted net debt to Ebitda ratio was increased from its originally agreed level of 5.75 times to six times for the December 31 2011 and March 31 2012 covenant tests.
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