Norwegian Air Shuttle ASA (the “Company" or the “Issuer") has today requested Nordic Trustee as the trustee for the outstanding bonds NAS07, NAS08, NAS09 and the USD 150m convertible bond to summon bondholders’ meetings on 30 April 2020 with the aim to approve a proposal to amend terms and convert full or in parts the bonds into equity. The proposals, in conjunction with specific company actions, are designed to meet the requirements of the state guarantee scheme (the “State Aid Package”) and thereby release NOK 3 billion in guarantees. Please see the addendum that explains the State Aid Package in detail. These actions will strengthen the Company’s solidity and financial position enabling it to manage the significant challenges of the current Covid-19 environment and prepare to gradually re-open its route network and bring back furloughed employees.
The envisaged conversion and amendments are described in detail in the summons to bondholders’ meetings. The proposal remains subject to discussions with other stakeholders, and the Issuer intends to present the full details of the proposals, including conversion rates and subscription prices, to bondholders by 27 April 2020 at the latest.
The plan outlined above calls for major stakeholders to participate in a balanced solution, creating a sustainable platform for the Company going forward. With the uncertainty of the Covid-19 pandemic, this entails the need for a book equity ratio well above the 8 percent stipulated under the State Aid Package.
The summons to the respective bondholders’ meetings and agenda are attached and available on www.norwegian.com and www.stamdata.com.
The Company will hold a conference call at 12.00 CET on Friday 17 April 2020 in order to give bondholders information on the process towards establishing the participation of the different stakeholders. Bondholders that wish to participate on the call may register with DNB Markets (firstname.lastname@example.org), ABG Sundal Collier (email@example.com) or Nordic Trustee (firstname.lastname@example.org). Bondholders that have already been in contact with Nordic Trustee need not register for the call.