Following Final Investment Decisions in the second quarter this year, Norske
Skog has now entered into debt facility agreements with an aggregate amount of
EUR 265 million to finance its EUR 350 million investment in recycled
containerboard conversion projects. Lenders are leading European banks, partly
guaranteed by German export credit agency Euler Hermes and Austria
Wirtschaftsservice Gesellschaft - the Austrian Government Promotional and
Investment Bank. The commercial terms are attractive and support the highly
competitive profile of the containerboard projects. The first containerboard
production will commence in Bruck in just over a year and put Norske Skog on the
path to become the leading European independent producer of recycled
containerboard.

- "We announced our strategic move into packaging production in June last year
and took the Final Investment Decisions for our packaging projects in April and
June this year. Today, we announce the signing of highly attractive financing
arrangements for both projects, adding another important milestone on the path
to become a leading packaging company. We are happy to see strong support from
existing and new relationship banks to realise our ambitions. The quality of the
financings arrangements and all involved parties speak to the attractive
profitability and relatively low risk profile of the conversion projects", says
Sven Ombudstvedt, CEO of Norske Skog.

The total financing amounts to EUR 265 million, or approximately 75% of the EUR
350 million investment amount, of which EUR 193 million is for the Golbey
containerboard project and EUR 72 million for the Bruck containerboard project.
DNB, Caisse d'Epargne Grand Est Europe and Natixis acted as Joint Mandated Lead
Arrangers (MLA) for the financing in Golbey, and Raiffeisenlandesbank OÖ and IKB
Deutsche Industriebank acted as MLAs for the financing in Bruck. The facilities
will be drawn as capex is incurred, and repayment is scheduled and expected to
commence approximately upon completion of each respective project with average
maturity towards the end of 2030. Utilisations are subject to customary
conditions precedent for such facilities. The debt financing of EUR 265 million
is expected to increase Norske Skog's annual interest costs with approximately
EUR 5 million annually once fully drawn.

Production of containerboard will commence during the fourth quarter of 2022 at
the Bruck industrial site and during the fourth quarter of 2023 at the Golbey
industrial site. The machines are expected to operate at 60-70% utilisation in
the first year and reach full utilisation during the third year of production.
Once at full utilisation, the machines are expected to generate annual EBITDA of
EUR 70-80 million annually, based on historical prices and margins seen in the
market.

In combination with the issuance of equity of NOK 400 million in January this
year, the issuance of the EUR 150 million bond and the establishment of the EUR
31 million RCF in February this year, Norske Skog has now established a solid
financial platform for the containerboard projects. This marks an important
milestone in Norske Skog's strategic transition into growing and high margin
markets. Together with the +400 GWh Waste-to-Energy facility at Bruck, due for
start-up in six months, the start of containerboard production in just over a
year will provide a material shift in Norske Skog's income sources, enabling a
long-term sustainable earnings profile.


About Norske Skog
Norske Skog is a world leading producer of publication paper with strong market
positions and customer relations mainly in Europe and Australasia. The Norske
Skog Group operates four mills in Europe, two of which will produce recycled
containerboard following ongoing conversion projects. In addition, the Group
operates one paper mill in Australia and a wood pellets facility in New Zealand.
Norske Skog aims to further diversify its operations and continue its
transformation into a growing and high-margin business through a range of
promising energy and fibre development projects. The Group has approximately 2
150 employees, is headquartered in Norway and listed on the Oslo Stock Exchange
under the ticker NSKOG.

Norske Skog
Communications and Public Affairs

For further information:
Norske Skog media:
Vice President Communication and Public Affairs                                 
                                                               
Carsten Dybevig
Email: carsten.dybevig@norskeskog.com 
Mob: +47 917 63 117

Norske Skog investor relations:                                                 
                                               
Investor Relations Manager
Even Lund
Email: even.lund@norskeskog.com
Mob: +47 906 12 919

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