Sep 09, 2014. /Lesprom Network/. Norske Skog has signed a Euro 25 million loan agreement (securitisation facility) with Eurofactor AG (a bank in the Crédit Agricole Group), based on accounts receivables derived from the Austrian mill, Norske Skog Bruck GmbH, as the company said in the press release received by Lesprom Network.

“We have now strengthened our long-term financing of the company through this agreement with Eurofactor,” says Sven Ombudstvedt, President and CEO of Norske Skog.

Under the agreement with Eurofactor, Norske Skog will continue to collect the receivables from customers. The duration is minimum three years without financial covenants. The interest cost is competitive compared with similar financing.

As previously announced, Norske Skog Skogn AS, Norske Skog Saugbrugs AS and Norske Skog Golbey SAS have already entered into a total of approximately NOK 600 million ($94.6 million) loan agreements (securitisation facility) in 2013 and 2014.