Oceanwood Opportunities Master Fund, managed by Oceanwood Capital Management LLP, entered into a sale and purchase agreement to acquire Norske Skog AS from Norske Skogindustrier ASA for NOK 2.3 billion on May 3, 2018. Oceanwood emerged as the winning bidder for Norske Skog by offering the highest value in cash for the shares and the intercompany loans. For the period ending March 31, 2018, Norske Skog generated revenue of NOK 11.8 billion and EBITDA of NOK 786 million. The acquisition is subject to Oceanwood obtaining the relevant antitrust and other regulatory approvals in the countries concerned, including Australia and New Zealand, which is currently anticipated to take between four and six months to obtain. The deal is expected to close in the second half of 2018. The Sales Proceeds will be distributed by the security agent in accordance with the intercreditor agreement to discharge certain costs and expenses, to the holders of the €290 million senior secured notes due 2019. As of June 5, 2018, the transaction was approved by the Competition and Consumer Protection Commission.

Evercore Partners International LLP acted as financial adviser while Linklaters LLP and Advokatfirmaet Wiersholm AS acted as legal adviser to Norske Skog. Citibank, N.A., London Branch, acted as the security agent in the deal. Allen & Overy LLP and Arntzen de Besche Advokatfirma AS acted as legal advisors to the security agent and PricewaterhouseCoopers LLP acted as financial advisor and delivered a fairness opinion on the sales proceeds, to the security agent. Lazard acted as financial advisor to the AdHoc Group of Holders of 45% of Senior Secured Notes in Norske Skog AS.

Oceanwood Opportunities Master Fund, managed by Oceanwood Capital Management LLP, completed the acquisition of Norske Skog AS from Norske Skogindustrier ASA on September 28, 2018.