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Norske Skog
Oxenøen, Sweden, 26 March 2009 -- Norske Skog has today authorized Citi and Deutsche Bank to offer buy-back of up to USD 150 million (par value) of a bond loan maturing on 15 October 2011.

The offer will be in the range of 68%-75% of par value, and will take place as an auction. The offer is made to all current bond owners, who will have a deadline of 21 working days to accept the offer. If the amount accepted amounts to more than USD 150 million, a pro-rata downward adjustment will be made according to set principles.

The above-mentioned bond loan has a coupon rate of 7 5/8% and was initially USD 600 million. Norske Skog bought back USD 141 million (par value) in 2008, and the residual loan is at present USD 459 million. The loan is listed on the Luxembourg Stock Exchange with ISIN numbers USR80036AN77 (Luxembourg listing) and US656533AA45.

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