Milbank Advises the Initial Purchasers and Joint Bookrunners in Relation to a Cross-Border Bond Refinancing and Exchange Offer of Existing Notes for Norske Skog

LONDON, 25 February, 2015 - In a further demonstration of the strength of the links between our UK, US and German teams, Milbank, Tweed, Hadley & McCloy LLP represented the initial purchasers, joint bookrunners and dealer managers, Goldman Sachs and Citibank on the refinancing of Norske Skog AS’s existing notes due 2015, 2016, 2017 and 2033 through the issuance of EUR 290 million senior secured notes due 2019 and the exchange of existing notes into new notes maturing in 2021 and 2023. A consent solution to amend the existing bonds was also completed.

Norske Skog, a Norwegian pulp and paper company based in Oslo, will use the net proceeds from the issuance primarily to facilitate a debt exchange for the existing bonds, which would extend maturities of the bonds.

The Milbank team was co-led by Global Securities partner Tim Peterson and Global Leverage Finance partner Suhrud Mehta in the London office, with Alternative Investments partner James Warbey (London), Mathias Eisen (Frankfurt), Thomas Ingenhoven (Frankfurt), Martin Erhardt (Munich) and Tax partner Andrew Walker (New York). Other Milbank team members included Global Securities senior associate Trevor Truman (London), Global Leverage Finance senior associate, Alex Schofield (London), Global Securities associates Meredith Hines (New York), Anna Cressman, Anna Lumijarvi, Nina van Limburg Stirum and Anh Ngo (all London), Global Leverage Finance associates Misa Schmiederova and Catherine Molony (both London), Global Leverage Finance associate Dr. Johann Hecht (Frankfurt) and Alternative Investment associate Robert Wyse-Jackson (London) and Tax Associate Jules Mugema (New York).

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