Norwegian Air Shuttle ASA – Number of shares after conversion of debt and implied conversion price

Reference is made to the minutes from the extraordinary general meeting in Norwegian Air Shuttle ASA (the “Company”) today, Monday 4 May 2020. A total of 2,978,402,828 new shares* will be issued to bondholders and lessors as part of the debt conversion. The total number of shares in the Company after the debt conversion will hence be 3,141,775,135**.

The implied conversion price for the new shares is NOK 3.8 per share based on the announced conversion of the bonds and the current commitments of approximately USD 730 million from lessors and is subject to any additional conversions committed from lessors before the registration of the share capital. The number of shares above excludes shares that may be issued under the so-called ‘power by the hour’ (“PBH”) arrangement until March 2021 where the same conversion price will apply. The amount of liabilities to be converted under the PBH based on utilisation of the aircraft in line with the Company’s business plan and the current commitments from lessors is approximately USD 270 million.

In addition, the Company is working with vendors for conversion of overdue payables into equity at the same conversion price. As per 31 March 2020 the Company had overdue payables of NOK 1,715 million.

The Company will announce the subscription price for the public offering of up to NOK 400 million tomorrow, 5 May 2020.

*A part of the new shares will be issued upon exercise of perpetual bonds held by certain bondholders and lessors

**Excluding existing shares held by the Company