Reference is made to the previous stock exchange announcements byNorwegian Air Shuttle ASA (the "Company") regarding the conversion of debt to equity. As described inter alia in the Company's prospectus dated5 May 2020 (the "Prospectus") and the stock exchange notices dated20 May 2020 ,17 June 2020 ,20 July 2020 ,6 August 2020 and18 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) approximatelyUSD 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 ofNOK 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 approximatelyUSD 17.7 million into perpetual bonds that are substantially similar to the Perpetual Bonds, save for that, from4 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 of9 October 2020 and9 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. ApproximatelyNOK 309 million of such perpetual bonds may during a two-week period from4 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 00Norwegian 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 intoAustralia ,Canada ,Japan orthe United States (including its territories and possessions, any state ofthe United States and theDistrict 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, inthe 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 inthe United States except pursuant to an exemption from the registration requirements of the US Securities Act.
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