NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S
REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES, OR ANY
OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange announcements of Norwegian Air Shuttle
ASA (the "Company" or "NAS", and together with its subsidiaries, the "Group")
dated 12 April 2021 wherein the judge of the Oslo Byfogdembete approved the
Scheme for an exit of the Reconstruction process.

Subject to completion of the Restructuring Proposal and based on the Scheme, 
the voluntary restructuring in May 2020, the Company has since end of fourth
quarter 2019 reduced total debt by approximately NOK 62 to 65 billion and
eliminated aircraft orders of approximately NOK 85 billion in aggregated value. 
Total liabilities post restructuring are estimated to be in the range of NOK 16
to 20 billion and on the basis of a fleet of 51 aircraft NOK 6 to 7 billion in
aircraft related debt. 

The Company has previously indicated an overall capital raise of NOK 4.5 to 5.0
billion as part of the Restructuring Proposal (the "Capital Raise"). Based on
the current uncertainty related to re-opening of societies due to the Covid-19
pandemic, feedback from investors, the Board of Directors of the Company have
chosen to be conservative and increase the Capital Raise to a minimum NOK 4.5
billion up to NOK 6.0 billion, including a New Capital Perpetual Bonds with
gross proceeds of up to NOK 1,875 million and a Rights Offering directed to the
shareholders as of the record date with gross proceeds of up to NOK 400 million.

The blended issue price in the Capital Raise will be set to maximum NOK 6.99 per
share. Depending on the amount of new capital raised, the new investors in the
Capital Raise, by investing in equity and/or the New Capital Perpetual Bonds,
will hence receive approximately 70.0 - 75.7 per cent of the post-Restructuring
share capital with the shares held by existing shareholders diluted to
approximately 4.6 - 3.7 per cent.  

Unsecured creditors may recover through participation in the proposed capital
raise comprising (i) a pro rata cash payment from a "pool" to be distributed
among unsecured creditors and customer creditors (ii) a convertible debt claim
with 7 year maturity and NIBOR +1% interest ("Dividend Claims"). The Dividend
Claims will on certain terms and conditions be convertible in aggregated into
shares representing a minimum 20.6 up to 25.4 per cent of the Company's share
capital following the Restructuring and the proposed capital raise.

Certain cornerstone investors who have provided long term support to the
Restructuring and Capital Raise in times of significant uncertainty have,
subject to certain terms and conditions, undertaken to subscribe for and will be
allocated shares for a total amount of NOK 2,855 million in the Private
Placement.

In addition, current creditors of Norwegian have already expressed an interest
to participate in the Capital Raise with an amount of at least NOK 1,800 million
in the New Perpetual Bonds. 

The Company expect the Capital Raise to commence on or about 10 May 2021 after
approval of the Prospectus by NFSA with a target closing on or about 26 May
2021. 

Seabury Securities ltd serves as Lead financial restructuring advisor on
Norwegian Air Shuttle's restructuring as well as financial advisor on the
airline capital raise. DNB Markets, a part of DNB Bank ASA acts as Global
Coordinator for the Capital Raise.

For more information, please contact: 
Geir Karlsen, CFO, phone +47 916 08 332 

Press contact: 
Esben Tuman, SVP External Communications, phone +47 905 08 400 


Fornebu, 14 April 2021 
Norwegian Air Shuttle ASA 



Important information 
The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, the Hong Kong Special
Administrative Region Of The People's Republic Of China, South Africa, New
Zealand, Japan or the United States (including its territories and possessions,
any state of the United States and the District of Columbia). 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, tel +47 995 46 400. 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. 
The Company does not intend to register any portion of the offering of the
securities in the United States or to conduct a public offering of the
securities in the United States. Copies of this announcement are not being made
and may not be distributed or sent into Australia, Canada, the Hong Kong Special
Administrative Region of the People's Republic of China, South Africa, New
Zealand, Japan or the United States.

Any offering of the securities referred to in this announcement will be made by
means of a prospectus.
This announcement is an advertisement and is not a prospectus for the purposes
of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
June 2017 on prospectuses to be published when securities are offered to the
public or admitted to trading on a regulated market, and repealing Directive
2003/71/EC (as amended) as implemented in any Member State.
 
Seabury Securities Ltd and DNB Markets, a part of DNB Bank ASA are acting for
the Company and no one else in connection with the offering and will not be
responsible to anyone other than the Company providing the protections afforded
to their respective clients or for providing advice in relation to the offering
and/or any other matter referred to in this release.

Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect the Company's current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange