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Norwegian Air Shuttle ASA – Conversion of New Capital Perpetual Bonds

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Norwegian Air Shuttle ASA – Conversion of New Capital Perpetual Bonds

Reference is made to the Norwegian Air Shuttle ASA (the “Company”) FRN perpetual subordinated convertible bond loan with ISIN NO 0010996440 and ISIN NO 0010996432 in the aggregate amount of NOK 1,832,981,723 (the “New Capital Perpetual Bonds”).

  

Pursuant to the bond terms, the New Capital Perpetual Bonds with ISIN NO 0010996440 in the aggregate amount of NOK 1,738,293,310 can be converted into shares from the date falling on the second anniversary of the issue date (the “Ordinary Conversion Bonds”) and the New Capital Perpetual Bonds with ISIN NO 0010996432 in the aggregate amount of NOK 94,688,413 are convertible into shares from the issue date, being 26 May 2021 (the “Early Conversion Bonds”).

  

The New Capital Perpetual Bonds were issued as a part of the capital raise being prescribed under the scheme of arrangement for the financial restructuring of the Company and certain of its Irish subsidiaries, which was implemented on 26 May 2021 through an Irish examinership process and a Norwegian reconstruction process. For further details, please see the stock exchange announcement on 11 March 2021, 3 May 2021 and 26 May 2021.

  

The Company has received conversion notices from bondholders representing NOK 15,077,802 Early Conversion Bonds, which pursuant to standard terms set out in the bond terms are convertible into 1,605,727 new shares in the Company.

  

Following the conversion, the Company has New Capital Perpetual Bonds in issue in the nominal amount of NOK 1,817,903,921, of which NOK 1,738,293,310 constitute Ordinary Conversion Bonds and NOK 79,610,611 constitute Early Conversion Bonds. The remaining New Capital Perpetual Bonds may be converted into approximately 194.6 million shares in the Company at a conversion price of NOK 9.39, subject to anti-dilution provisions.

  

The Company’s share capital is increased by NOK 160,572.70 by issue of 1,605,727new shares. The increase pertaining to the conversion of the Early Conversion Bonds has today been registered in the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret). The Company’s new share capital is NOK 70,733,536.80 divided into 707,335,368 shares, each with a nominal value of NOK 0.10.

  

Issuance of the new shares in the VPS is expected to take place later today.

 

Fornebu 25 June 2021

Norwegian Air Shuttle ASA

     

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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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