OSLO, NORWAY: Norwegian Air Shuttle ASA announced the New Capital Perpetual Bonds with ISIN NO 0010996440 in the aggregate amount of NOK 1.738 billion can be converted into shares from the date falling on the second anniversary of the issue date and the New Capital Perpetual Bonds with ISIN NO 0010996432 in the aggregate amount of NOK 136.706 million (Early Conversion Bonds) are convertible into shares from the issue date, being 26 May 2021.
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.
The Company has received conversion notices from bondholders representing NOK 42.018 million Early Conversion Bonds, which pursuant to standard terms set out in the bond terms are convertible into 4,474,787 new shares in the Company.
Following the conversion, the Company has New Capital Perpetual Bonds in issue in the nominal amount of NOK 1.832 billion of which NOK 1.738 billion constitute Ordinary Conversion Bonds and NOK 94.688 million constitute Early Conversion Bonds. The remaining New Capital Perpetual Bonds may be converted into approximately 195 million shares in the Company at a conversion price of NOK 9.39, subject to anti-dilution provisions.
Issuance of the new shares in the VPS is expected to take place on Friday.
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10 Jun, 4:00 pm GMT-4