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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Norwegian Air Shuttle ASA    NAS   NO0010196140

NORWEGIAN AIR SHUTTLE ASA

(NAS)
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Airline SAS agrees credit facility backed by Sweden, Denmark

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05/05/2020 | 03:10am EDT
SAS Airbus A320 planes are parked at Copenhagen airport in Kastrup

Airline SAS said on Tuesday it had signed a 3.3 billion Swedish crown ($336 million) three-year revolving credit facility agreement, 90% guaranteed by Sweden and Denmark's governments, as it looked to beat a path through the coronavirus crisis.

The COVID-19 pandemic and measures to curb its spread have thrown the airline industry into crisis, grounding flights and leaving carriers scrambling to cut costs and staff to cushion the blow.

Many airlines have received or are seeking public backing to see them through the crisis and SAS, part-owned by Sweden and Denmark, had lined up the guarantees from its state owners earlier this year but only now finalised the credit agreement.

"The guaranteed debt package, which has been approved by the European Commission, was implemented in the context of the COVID-19 crisis and is intended to support the airline's liquidity and prepare for the recovery of its activities," SAS said in a statement.

Regional rival Norwegian Air narrowly avoided bankruptcy this week after a last-minute deal with creditors and shareholders, and SAS is reducing its workforce by about half.

SAS said it would continue its work to cut costs and seek additional support from the Scandinavian countries.

"As part of this we will further our dialogue with the Norwegian government to be able to access up to NOK 1.7 billion of additional state guaranteed funding," SAS CFO Torbjorn Wist said.

The credit facility was coordinated by SEB. Danske Bank, Nordea, SEB and Swedbank were the mandated lead arrangers.

(Reporting by Johannes Hellstrom and Niklas Pollard; Editing by Andrew Heavens)


Stocks mentioned in the article
ChangeLast1st jan.
ACCESS CO., LTD. 0.98% 821 End-of-day quote.-14.03%
NORWEGIAN AIR SHUTTLE ASA 6.80% 0.6722 Delayed Quote.-98.22%
SAS AB (PUBL) 0.94% 2.152 Delayed Quote.-47.92%
SEEK LIMITED -0.30% 23.01 End-of-day quote.2.04%
THE LEAD CO., INC. -1.83% 375 End-of-day quote.-3.85%
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Financials
Sales 2020 9 739 M 1 056 M 1 056 M
Net income 2020 -8 062 M -875 M -875 M
Net Debt 2020 51 517 M 5 588 M 5 588 M
P/E ratio 2020 -0,24x
Yield 2020 -
Capitalization 2 484 M 268 M 269 M
EV / Sales 2020 5,54x
EV / Sales 2021 2,24x
Nbr of Employees 9 389
Free-Float 58,6%
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Mean consensus UNDERPERFORM
Number of Analysts 9
Average target price 2,64 NOK
Last Close Price 0,67 NOK
Spread / Highest target 1 685%
Spread / Average Target 293%
Spread / Lowest Target -100%
EPS Revisions
Managers
NameTitle
Jacob Schram Chief Executive Officer
Niels Smedegaard Chairman
Johan Gauermann Executive Vice President-Operations
Geir Magne Karlsen Chief Financial Officer & Deputy CEO
Kurt Simonsen Chief Information Officer
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