March 21, 2016. London.
GSO Capital Partners (“GSO”) is pleased to have reached terms with Norske Skogindustrier ASA (the “Company” or “Norske Skog”) for a deleveraging and liquidity injection that, we believe, will give management greater flexibility to execute its business plan to benefit from the cyclical upswing in paper prices.
As a result of the transactions, GSO will have a large minority equity interest in a substantially strengthened group with a favourable operational outlook. By ensuring that Norske Skog continues as a stronger business, we believe these transactions will preserve existing jobs and that they are in the best long-term interests of stakeholders. GSO intends to work closely with management to allow Norske Skog to play an active role in industry consolidation.
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GSO Capital Partners LP is the global credit investment platform of Blackstone. With approximately $79 billion of assets under management, GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies.