Blackstone further decreased shareholding of Norske Skog

Norske Skogindustrier ASA informed that on August 2,2017, funds under the management of GSO Capital Partners, a limited partnership controlled by The Blackstone Group L.P., had sold 10,431,086 shares of Norske Skogindustrier ASA at a net price of NOK 0.42 per share.

According to the announcement, after the transaction, GSO owns 33,057,924 shares, equivalent to 11.848% of the issued share capital and voting rights in Norske Skog. Just two weeks ago, GSO Capital Partners decreased their shareholding in the company to 17.23%.

Earlier Norske Skog extended the deadline for the current exchange offers and consent solicitations to August 11, 2017. 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.

Source: Woodbizforum