Norwegian’s fourth quarter results are heavily impacted by COVID-19 and travel restrictions

Press releases   •   Feb 26, 2021 06:01 GMT

Norwegian today reported its fourth quarter results. As expected, the results were heavily impacted by COVID-19 and travel restrictions in all markets.

Norwegian presents update of indicative plan for exit from Irish examinership and Norwegian reconstruction processes

Press releases   •   Feb 19, 2021 14:13 GMT

Reference is made to the stock exchange announcement of Norwegian Air Shuttle ASA (the “Company”) dated 14 January 2021, wherein the board of directors of the Company set out an indicative plan for the Company’s emergence from its ongoing restructuring process (the “Plan”).

The Company is continuing its efforts with the examiner, Mr. Kieran Wallace (the “Examiner”) and the administrator, Mr. Håvard Wiker (the “Reconstructor”) to propose a restructuring of the Company through the Irish examinership and Norwegian reconstruction processes (together the “Restructuring”).

As previously announced, the proposed Restructuring will potentially involve each creditor with an unsecured claim receiving a debt claim (“Dividend Claims”, formerly referred to as the Old Capital Hybrid Loans) that, based on current calculations, would have a nominal value equal to 4% of such creditor’s unsecured claim. The Company is also exploring the possibility with the Examiner and the Reconstructor of offering a cash component alongside the Dividend Claims, however notes that the amount of cash that could be utilized for such a dividend will be reduced depending on the duration of the Restructuring, including any appeal process. The Dividend Claims in aggregate would on certain terms and conditions be convertible into shares representing approximately 25% of the Company’s share capital following the Restructuring and the proposed capital raise (the “Capital Raise”). New investors in the Capital Raise, by investing in equity and a perpetual hybrid instrument (the “New Capital Perpetual Bonds”), would receive approximately 70% of the post-Restructuring share capital, and current shareholders approximately 5%. With respect to timing, the Company is working with the Examiner and the Reconstructor with a view to commencing the legal steps required to implement the proposed Restructuring, including the issuance of a scheme of arrangement by the Examiner as soon as possible, with a view to the Capital Raise commencing in late March/early April, with the subscription period in mid-April and target closing end of April.

Following discussions with its stakeholders, the Company attaches indicative term sheets in respect of the New Capital Perpetual Bonds, the zero-coupon bonds proposed to be issued to creditors who invest in the Capital Raise, and the Dividend Claims.

DNB Markets, a part of DNB Bank ASA, has been appointed as global coordinator in respect of the issuance of the financial instruments in connection with the Capital Raise.

All proposals are subject in all respects to ongoing negotiations with stakeholders. The implementation of the foregoing and the Plan remain subject to consideration by the Irish Examiner and the Norwegian Reconstructor, and to receipt of the necessary approvals in accordance with the Restructuring processes, including ultimately sanctions by the Irish and Norwegian courts. Definitive terms will be announced in connection with the formal Restructuring plans to be proposed and resolved in Ireland and Norway.

For more information, please contact: Geir Karlsen, CFO, phone +47 916 08 332

Press contact: Esben Tuman, SVP External Communications, phone +47 905 08 400

Fornebu, 19 February 2021 

Norwegian Air Shuttle ASA

Important information The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, the Hong Kong Special Administrative Region Of The People's Republic Of China, South Africa, New Zealand, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia). This release is an announcement issued pursuant to legal information obligations and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act. This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended) as implemented in any Member State. Forward-looking statements: This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

About Norwegian

Norwegian was founded in 1993 but began operating as a low-cost carrier with Boeing 737 aircraft in 2002. Since then, our mission has been to offer affordable fares for all and to allow customers to travel the smart way by offering value and choice throughout their journey.

Norwegian has been voted Europe’s Best Low-Cost airline by Skytrax for six consecutive years and won Airline Program of the Year Europe & Africa at the Freddie Awards for four consecutive years. Since 2012, Norwegian has won over 55 awards for our service, product, and innovation in the industry.

We were the first airline in the world to join the UN Climate Secretariat’s climate action-initiative in 2019, pledging to work systematically to become carbon neutral by 2050.

Norwegian operates a short haul network across the Nordics and to key European destinations providing customers with excellent quality at affordable fares.

The Company is working with the Examiner and the Reconstructor with a view to commencing the legal steps required to implement the proposed Restructuring, including the issuance of a scheme of arrangement by the Examiner as soon as possible, with a view to the Capital Raise commencing in late March/early April, with the subscription period in mid-April and target closing end of April.

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COVID-19 heavily influences Norwegian’s January traffic figures

Press releases   •   Feb 04, 2021 07:01 GMT

Norwegian’s traffic figures for January are heavily influenced by lower demand caused by continued travel restrictions across Europe.

Norwegian Air Shuttle ASA (NAS) - Presentation for creditors

Press releases   •   Jan 27, 2021 10:58 GMT

Norwegian appreciates support from the Norwegian Government

Press releases   •   Jan 21, 2021 07:29 GMT

Norwegian is pleased to announce that the government of Norway has decided to support and contribute to the airline’s funding of new capital, pending certain conditions. This move significantly increases Norwegian’s chances of working through the crisis caused by the pandemic and to position itself as a key player within Norwegian and European aviation.

Publication of listing prospectus

Press releases   •   Jan 15, 2021 08:27 GMT

Reference is made to the following perpetual bond issues (the “Perpetual Bonds”) of Norwegian Air Shuttle ASA (the “Company”):

(i) Norwegian Air Shuttle ASA perpetual 0% EUR convertible bond loan with ISIN NO 0010883416 in the aggregate amount of EUR 7,617,931;

(ii) Norwegian Air Shuttle ASA perpetual 0% USD convertible bond loan with ISIN NO 0010883515 in the aggregate amount of USD 80,956,203; and

(iii) Norwegian Air Shuttle ASA perpetual 0% SEK convertible bond loan with ISIN NO 0010883473 in the aggregate amount of SEK 13,593,553.

On 9 December 2020, the Company applied for the Perpetual Bonds to be admitted to stock exchange listing on Oslo Børs, subject to approval by the Norwegian Financial Supervisory Authority (“NFSA”) of a listing prospectus. Since such date, certain amounts of Perpetual Bonds have been converted into 1,414,987 shares in the Company (the “Shares”), which have been placed on a separate ISIN NO0010914823, pending approval of a listing prospectus pertaining to listing of the Perpetual Bonds and listing of the Shares (the “Listing Prospectus”) as set out in the Company’s stock exchange notices dated 11 December 2020 and 23 December 2020.

The NFSA has today approved the Listing Prospectus. For more information, please refer to the Listing Prospectus which will, subject to regulatory restrictions in certain jurisdictions, be available at the Company’s website, www.norwegian.no. The Listing Prospectus has been prepared for the purpose of listing of the Perpetual Bonds and the Shares only, and no securities are being offered pursuant to the Listing Prospectus.

The Shares will be transferred to and registered on the Company's ordinary ISIN NO0010196140 and become freely tradable on Oslo Børs tomorrow, 15 January 2021, under the trading symbol "NAS". The Perpetual Bonds are expected to commence trading on Oslo Børs on Monday 18 January 2021.

For further information, please contact:

Tore Østby, EVP Strategic Development, phone: +47 995 464 00

The NFSA has approved the Listing Prospectus which is available at the Company’s website, https://www.norwegian.no/om-oss/selskapet/investor-relations/. The Listing Prospectus has been prepared for the purpose of listing of the Perpetual Bonds and the Shares only, and no securities are being offered pursuant to the Listing Prospectus.

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Norwegian to focus on a strong European network

Press releases   •   Jan 14, 2021 07:32 GMT

Norwegian’s Board of Directors has today outlined a simplified business structure and dedicated short haul route network. With this plan, Norwegian can build a robust and solid company that will attract investors and continue to serve new and existing customers.

Norwegian’s traffic figures heavily impacted by COVID-19

Press releases   •   Jan 07, 2021 07:00 GMT

Norwegian’s traffic figures for December are heavily influenced by lower demand caused by continued travel restrictions across Europe. However, Christmas bookings were positive.

Norwegian initiates reorganisation process in Norway

Press releases   •   Dec 08, 2020 06:47 GMT

Norwegian has today filed for a reconstruction under Norwegian law. This process will coexist with the Irish Examinership process.

COVID-19 continues to impact Norwegian’s traffic figures

Press releases   •   Dec 04, 2020 07:02 GMT

Norwegian’s traffic figures for November are heavily influenced by lower demand caused by continued travel restrictions across Europe. Christmas bookings look promising.

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About Norwegian

Norwegian.com

Norwegian was founded in 1993 but began operating as a low-cost carrier with Boeing 737 aircraft in 2002. Since then, our mission has been to offer affordable fares for all and to allow customers to travel the smart way by offering value and choice throughout their journey.

Norwegian has been voted Europe’s Best Low-Cost airline by Skytrax for six consecutive years and won Airline Program of the Year Europe & Africa at the Freddie Awards for four consecutive years. Since 2012, Norwegian has won over 55 awards for our service, product, and innovation in the industry.

We were the first airline in the world to join the UN Climate Secretariat’s climate action-initiative in 2019, pledging to work systematically to become carbon neutral by 2050.

Norwegian operates a short haul network across the Nordics and to key European destinations providing customers with excellent quality at affordable fares.

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