Sembra che Norske abbia a aumentato la quota cash della sua exchange offer ma non so di quanto
(Bloomberg) -- Norske Skogindustrier ASA, Europe’s most distressed borrower, improved the terms of an exchange offer to bondholders for a second time in less than two weeks as it seeks to push out debt maturities.
The Norwegian papermaker increased the amount of cash it’s offering holders of about $965 million of notes to persuade them to exchange their securities for longer-dated and lower-ranking bonds, according to a statement. The company also extended the deadline for consent by one day to Feb. 20.
Europe’s third biggest newsprint and magazine paper producer sweetened its offer after failing to obtain sufficient participation last week. Norske Skog is seeking to refinance obligations after its revenue fell by more than 50 percent since 2008 as publishers moved content online.
Norske Skog is seeking to exchange $158 million of bonds due 2015, $147 million due 2016, $440 million due 2017 and $200 million due 2033 for cash and new securities.
The company last week sold 290 million euros ($328.3 million) of bonds due 2019, up from 250 million euros initially planned, so that it could improve a cash offer to existing creditors.
Credit-default swaps insuring 10 million euros of Norske Skog’s debt for five years cost 3.8 million euros upfront and 500,000 euros annually, signaling a 70 percent chance of default, according to CMA. That’s the riskiest among 75 companies in the Markit iTraxx Crossover Index, CMA prices show.
To contact the reporter on this story: Luca Casiraghi in London at
[email protected]