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OFFON

NORWEGIAN AIR SHUTTLE ASA

(NAS)
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Norwegian Air Shuttle ASA : (NAS) - Conversion of New Capital Perpetual Bonds - New share capital registered

06/11/2021 | 05:34am EDT
Reference is made to the Norwegian Air Shuttle ASA (the "Company") FRN perpetual
subordinated convertible bond loan with ISIN NO 0010996440 and ISIN NO
0010996432 in the aggregate amount of 1,875,000,000 (the "New Capital Perpetual
Bonds"). 

Pursuant to the bond terms, the New Capital Perpetual Bonds with ISIN NO
0010996440 in the aggregate amount of NOK 1,738,293,310 can be converted into
shares from the date falling on the second anniversary of the issue date (the
"Ordinary Conversion Bonds") and the New Capital Perpetual Bonds with ISIN NO
0010996432 in the aggregate amount of NOK 136,706,690 are convertible into
shares from the issue date, being 26 May 2021 (the "Early Conversion Bonds").

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. For further details, please see the stock exchange announcement on 11
March 2021, 3 May 2021 and 26 May 2021.
 
The Company has received conversion notices from bondholders representing NOK
42,018,277 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 1,832,981,723, of which NOK 1,738,293,310
constitute Ordinary Conversion Bonds and NOK 94,688,413 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.
 
The Company's share capital is increased by NOK 447,478.70 by issue of 4,474,787
new shares. The increase pertaining to the conversion of the Early Conversion
Bonds has today been registered in the Norwegian Register of Business
Enterprises (Nw.: Foretaksregisteret). The Company's new share capital is NOK
70,572,964.10 divided into 705,729,641 shares, each with a nominal value of NOK
0.10.

Issuance of the new shares in the VPS is expected to take place later today.

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


Important information

This release is an announcement issued pursuant to legal information obligations
and is subject of the disclosure requirements pursuant to the Market Abuse
Regulation (MAR) Article 17 no. 1, and was prepared by Tore Østby, Investor
Relations at Norwegian Air Shuttle ASA, tel. +47 995 46 400.
 
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. This information is subject to disclosure
requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2021 14 903 M 1 686 M 1 686 M
Net income 2021 -4 762 M -539 M -539 M
Net Debt 2021 59 783 M 6 762 M 6 762 M
P/E ratio 2021 -0,17x
Yield 2021 -
Capitalization 7 358 M 833 M 832 M
EV / Sales 2021 4,51x
EV / Sales 2022 2,87x
Nbr of Employees 6 365
Free-Float 78,8%
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Number of Analysts 4
Last Close Price 10,40 NOK
Average target price 21,50 NOK
Spread / Average Target 107%
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Managers and Directors
Geir Magne Karlsen Chief Executive Officer
Svein Harald ěygard Chairman
Knut Olav Irgens Melhus H°eg Executive Vice President-Information Technology
Johan Gauermann Executive Vice President-Operations
Sondre Gravir Independent Director
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