Norske Skogindustrier ASA informed that on July 17,2017, funds under the management of GSO Capital Partners, a limited partnership controlled by The Blackstone Group L.P., had sold 4,851,780 shares of Norske Skogindustrier ASA at a net price of NOK 0.53 per share.
According to the announcement, after the transaction, GSO owns 48,075,482 shares, equivalent to 17.23% of the issued share capital and voting rights in Norske Skog.
Earlier Norske Skog received transaction proposals within its recapitalization process. The company launched a recapitalization transaction at the beginning of June 2016. It is expected to significantly reduce the group’s debt level and interest cost, increase the equity value, and position the company to deliver on its future growth strategy .
About Norske Skog:
The company is a leading producer of newsprint and magazine paper. The company has 9 paper mills around the world.