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

NORWEGIAN AIR SHUTTLE ASA

(NAS)
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Norwegian Air Shuttle ASA : (NAS) - Additional conversion of lease debt to perpetual bonds

09/30/2020 | 09:02am EST
Reference is made to the previous stock exchange announcements by Norwegian Air
Shuttle ASA (the "Company") regarding the conversion of debt to equity. As
described inter alia in the Company's prospectus dated 5 May 2020 (the
"Prospectus") and the stock exchange notices dated 20 May 2020, 17 June 2020, 20
July 2020, 6 August 2020 and 18 August 2020, the Company has been working with
certain of its creditors to convert further debt into equity and to reduce
overall claims. 

Following constructive discussions with its operating lessors, the Company has
reached an agreement to convert:

(i) approximately USD 1.9 million of lease debt into perpetual bonds (as
described in section 5.5 of the Prospectus (the "Perpetual Bonds")) which may in
the option of the holder be converted into approximately 4.7 million ordinary
shares in the Company at a conversion price of NOK 4.24919 (the "Conversion
Price"), subject to Euro-market standard anti-dilution provisions; and

(ii) an agreed estimate of future end-of-lease maintenance obligations totaling
approximately USD 17.7 million into perpetual bonds that are substantially
similar to the Perpetual Bonds, save for that, from 4 June 2023, such bonds may
during a two-week period be converted at the volume weighted average price of
the shares at such time, rather than the Conversion Price, ensuring that the
converting lessors are able to fully recoup the amount of such end-of-lease
maintenance payments in three (3) years' time. Prior to such time, such
perpetual bonds are convertible into approximately 43.8 million shares at the
Conversion Price (subject to Euro-market standard anti-dilution provisions).

The perpetual bonds shall be subject to lock-up regulations in respect of
trading and conversion, such that 1/3 will be released from lock-up on each of 9
October 2020 and 9 December 2020. The remaining 1/3 of the perpetual bonds shall
not be subject to any lock-up restrictions and shall be tradeable and
convertible from the time of issue.

Following the issuances set out in (i) and (ii) above, NAS will have perpetual
bonds in issue in the nominal amount of c. NOK 2.2 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 516 million ordinary shares in the
Company at the Conversion Price, subject to the aforementioned anti-dilution
provisions and lock-up regulations. Approximately NOK 309 million of such
perpetual bonds may during a two-week period from 4 June 2023 be converted at
the volume weighted average price of the shares at such time, rather than the
Conversion Price (as set out in (ii) above).

The conversion of lease debt as set out above is part of the debt restructuring
program to address the outstanding debt of the Company. The Company is
continuing to work with repayment plans and possible further conversions of debt
to equity and equity-like convertible instruments.

For further information, please contact: 
Tore Østby, EVP, phone: +47 995 464 00

Norwegian Air Shuttle ASA
Fornebu, 30 September 2020


Important information 

The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan or the United States
(including its territories and possessions, any state of the United States and
the District of Columbia) or in any other jurisdiction where such publication or
distribution is unlawful. This release is an announcement issued pursuant to
legal information obligations, and is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued
for information purposes only, and does not constitute or form part of any offer
or solicitation to purchase or subscribe for securities, in the United States or
in any other jurisdiction. The securities mentioned herein have not been, and
will not be, registered under the United States Securities Act of 1933, as
amended (the "US Securities Act"). The securities may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the US Securities Act.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2020 9 275 M 1 051 M 1 051 M
Net income 2020 -6 355 M -720 M -720 M
Net Debt 2020 54 759 M 6 203 M 6 203 M
P/E ratio 2020 -0,14x
Yield 2020 -
Capitalization 1 499 M 170 M 170 M
EV / Sales 2020 6,07x
EV / Sales 2021 2,71x
Nbr of Employees 9 389
Free-Float 61,0%
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Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 5
Average target price 0,37 NOK
Last Close Price 0,41 NOK
Spread / Highest target 38,3%
Spread / Average Target -8,64%
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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