OXENOEN, Norway, Oct. 21, 2002 (PRIMEZONE) -- Today, Norske Skog signed a EUR 400 million long-term revolving credit facility agreement. The agreement is with a syndicate of respected domestic and foreign banks, and it replaces an existing credit facility that expires January 2004. The facility becomes part of the company's liquidity reserve, and is undrawn at signing.
Norske Skog obtained very competitive terms. Approximately EUR 300 million of the total has a term of seven years, while the remaining has a five-year term. The lead banks were BNP Paribas, Gjensidige NOR Merchant Bank and ING Bank N.V.
"Norske Skog has a healthy debt repayment profile with relatively small payments due in each of the next three years," said CEO Jan Reinas. "We wanted to have a solid liquidity reserve, and are pleased that we have managed to get long terms, and reasonable conditions."