Blackstone’s funds decreased shareholding of Norske Skog below 10%

Norske Skogindustrier ASA informed that on August 10, 2017, funds under the management of GSO Capital Partners, a limited partnership controlled by The Blackstone Group L.P., had sold 1,384,478 shares of Norske Skogindustrier ASA at a net price of NOK 0.35 per share.

According to the announcement, after the transaction, GSO owns 23,969,076 shares, equivalent to 8.591% of the issued share capital and voting rights in Norske Skog. Just tree 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