Norske Skog has signed a three-year bank facility of EUR 140 million with DnB NOR, SEB, Nordea and Citibank.
Covenants in the new bank facility are interest coverage (EBITDA /net interest expense) and leverage ratio (net interest bearing debt/ EBITDA). The current covenants in Norske Skogindustrier ASA's bank financing will be in place until the existing facility of EUR 400 million is cancelled and repaid.
The process to refinance Norske Skog continues through new bond loan and possible securitisation of accounts receivables.
