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Norwegian has mandated aircraft financing to ING for a total of 3 billion NOK

Norwegian Air Shuttle ASA has mandated ING on a USD 550 million financing facility. The facility covers term financing for 11 Boeing 737-800 HGW which are scheduled for delivery between summer 2011 and end of 2012 and pre-delivery financing for aircraft delivering during the same period.

The pre-delivery financing will be utilized by Norwegian to finance/refinance a portion of the scheduled pre-delivery payments due to Boeing, and will be taken out by a long-term financing to be supported by the Export-Import Bank of the United States (Ex-Im Bank)

ING is the sole lender on the pre-delivery financing, which closed today, and is arranging the Ex-Im Bank guaranteed take-out financing for all 11 Boeing 737-800 aircraft. The first tranche of the Ex-Im Bank-guaranteed financing covering aircraft delivering in 2011 was closed with TD Bank, and a commitment for the Ex-Im Bank-guaranteed financing for the remaining aircraft delivering in 2012 is expected to be finalized with another lender by the end of July 2011.

Frode Foss, Norwegian's Chief Financial Officer, said "We are very pleased to announce that we now have secured financing of our aircraft deliveries to late 2012. We are grateful for the strong support that we have received from ING and their ability to participate as a multi product financier for Norwegian".

Contacts:
Frode Foss, CFO Norwegian Air Shuttle ASA +47 91 63 16 45
Elaine Clark, ING Communications in New York +1 (646) 424-7021

  

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Norwegian Air Shuttle ASA, commercially branded “Norwegian,” is a public low-cost airline noted on the Oslo Stock Exchange. The company is the second largest airline in Scandinavia, and has a route portfolio that stretches across Europe into North Africa and the Middle East. With competitive prices and customer friendly solutions and service, the company has experienced significant growth over the previous years. With more than 13 million passengers in 2010, Norwegian is the 3rd largest low-cost airline in Europe. Norwegian currently operates 58 aircraft on 244 routes to about 100 destinations and employs approximately 2 500 people.

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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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