NorskeCanada Completes Offering of Shares

On May 28, 2002, Norske Skog Canada Limited (NorskeCanada), completed its offering of 31.1 million common shares at $7 per share for gross proceeds of $217.7 million. NorskeCanada is the third-largest newsprint and groundwood specialty paper manufacturer, based in North America, measured by production capacity.

NorskeCanada was represented by Lawson Lundell, with a team that included David Smith, Gordon Chambers, John Christian and Nathan Daniels. The underwriting syndicate was led by CIBC World Markets Inc. The underwriters were represented by William Sirett and Warren Learmonth of Borden Ladner Gervais LLP.

The net proceeds of the May 2002 offering, combined with cash and existing credit facility drawings, were used to repay all of NorskeCanada's secured term debt of $380 million. NorskeCanada was then able to obtain a new, more flexible operating credit facility.

NorskeCanada's new operating credit facility was put in place on July 19, 2002. In connection with the new credit facility, NorskeCanada was represented by Lawson Lundell, with a team that included Irv Laskin, Paul Bradley, Gordon Chambers and Jane Murdoch. The banks providing the credit facility were represented by William Sirett and James Mathers of Borden Ladner Gervais.

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