Consumables

Norske Skog – Covenant reset

Wednesday 13. March 2013 - Norske Skog has reached an agreement with its bank syndicate resetting first quarter 2013 covenants related to the revolving credit facility (RCF).

The new covenants are a leverage ratio of 5.75:1 and an interest cover ratio of 1.75:1. The size of the RCF was reduced to EUR 70 million, from EUR 140 million, a size more in line with actual back-up liquidity requirements of the group. Norske Skog is working on refinancing the bank facility, and has a continuous dialogue with its four relationship banks regarding possible covenant resets for later quarters

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