Norwegian Air Shuttle announces conversion of perpetual bonds, new share capital registered

OSLO: Reference is made to the Norwegian Air Shuttle ASA perpetual 0% EUR convertible bond loan in the aggregate amount of EUR 8.217 million.

Norwegian Air Shuttle has received conversion notices from bondholders representing EUR 600,000 in this bond issue, which pursuant to standard terms set out in the bond terms are convertible into 16,079 new shares in the Company.

The EUR Perpetual Bonds form part of the Company’s subordinated perpetual bond issues as further described in the prospectus dated 5 May 2020 and the Company’s stock exchange announcement dated 30 September 2020.

As set out in the Prospectus, the perpetual bonds have been issued on multiple ISINs reflecting different currencies of issue.

Following the conversion, NAS has perpetual bonds in issue in the nominal amount of approximately NOK 1.14 billion (including amounts issued in other currencies exchanged into NOK at the fixed exchange rate set out in the applicable perpetual bond agreements) which may in the option of the holder be converted into approximately 2,686,276 shares in the Company at NOK 424.919, subject to anti-dilution provisions as set out in the Prospectus. Approximately NOK 186 million of such perpetual bonds comprise Future Maintenance Bonds as described in the 30 September Notice.

The Company’s share capital is increased by NOK 160,790 by issue of 16,079 new shares. The increase pertaining to the conversion of the EUR Perpetual Bonds has today been registered in the Norwegian Register of Business Enterprises. The Company’s new share capital is NOK 397.49 million divided into 39.749 million shares, each with a nominal value of NOK 10.

The new shares shall be placed on a separate ISIN, and shall not be listed until a new prospectus has been approved by the Norwegian Financial Supervisory Authority and published by the Issuer in accordance with the EU Prospectus Regulation ((EU) 2017/1129), which is expected to take place during January 2021. Issuance of the new shares in the VPS is expected to take place later today.

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