Consumables

Norske Skog signs a EUR 40 million credit facility

Thursday 17. April 2014 - Norske Skog has signed a EUR 40 million loan agreement (securitisation facility) with Crédit Agricole Leasing & Factoring, based on accounts receivables derived from the French mill, Norske Skog Golbey SAS.

– We have now strengthened our long-term financing of the company through this agreement with Crédit Agricole Leasing & Factoring. As previously announced, we will continue to work on similar agreement for the Bruck mill, says Sven Ombudstvedt, President and CEO in Norske Skog.
Under the agreement with Crédit Agricole Leasing & Factoring Norske Skog will continue to collect the receivables from customers. The duration is minimum three years without financial covenants. The interest cost is competitive compared with similar financing.
As previously announced, Norske Skog Skogn AS and Norske Skog Saugbrugs AS, entered into a NOK 250 million loan agreement (securitisation facility) with SpareBank 1 Gruppen Finans AS in 2013.