Norske Skog prints 600bp comeback

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By Owen Sanderson
29 May 2019

DNB Markets has issued Norske Skog’s comeback bond, printing a €125m floater at 600bp over Euribor to fund repayment of shareholder loans from Oceanwood Capital Management, the fund which bought the firm out of its insolvency in late 2017. It also plans to take out a securitization facility lent by Oceanwood.

The Norway pulp and paper firm is well known for one of the most bruising restructuring battles in Europe since the financial crisis, with secured and unsecured creditor classes unable to reach agreement, an attempt from GSO Capital to push around the associated CDS auction, and the firm’s ...

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