Preliminary results of Finnair’s rights offering

The subscription period of Finnair Plc’s (“Finnair” or the “Company”) rights offering (the “Offering”) ended 1 July, 2020. According to the preliminary results of the Offering, a total of 1,416,635,293 new shares (the “Offer Shares”) were subscribed for in the Offering, corresponding to approximately 110.7 per cent of the Offer Shares, and the Offering is oversubscribed.  A total of 1,253,946,070 Offer Shares were subscribed for pursuant to the exercise of subscription rights. Additionally, 162,689,223 Offer Shares were subscribed for without subscription rights. The subscription price was EUR 0.40 per Offer Share. Finnair will receive gross proceeds of approximately EUR 512 million from the Offering.

“My warmest thanks to all Finnair’s old and new shareholders who participated in the rights offering”, says Finnair’s CEO Topi Manner. “With this successful share issue, we strengthen our equity, which helps to reach our goal of sustainable, profitable growth.”

The final results of the Offering will be published on or about 7 July 2020 after the Board of Directors of the Company has approved the subscriptions made in the Offering. Allocation of the Offer Shares will be made in accordance with the terms and conditions of the Offering. As a result of the Offering, the total number of shares in the Company will increase by 1,279,265,150 shares from 128,136,115 shares to 1,407,401,265 shares, provided that the Board of Directors of the Company approves the subscriptions made in the Offering. As a result of the Offering, the Company will receive net proceeds of approximately EUR 501 million taking into account transaction costs in connection with the Offering.

The Offer Shares will be registered with the Finnish Trade Register on or about 8 July, 2020. The last day of trading with interim shares representing the Offer Shares (the “Interim Shares”) is on or about 8 July, 2020. The Interim Shares will be combined with the Company’s existing shares on or about 9 July 2020. Trading with the Offer Shares is expected to commence on Nasdaq Helsinki Ltd on or about 9 July 2020.

The Offer Shares will entitle their holders to possible dividend and other distribution of funds, if any, and to other shareholder rights in the Company after they have been registered with the Finnish Trade Register and recorded in the Company’s shareholder register maintained by Euroclear Finland Oy, on or about 9 July 2020.

Citigroup Global Markets Limited and Nordea Bank Abp act as the joint global coordinators, joint bookrunners and joint lead managers for the Offering (together, the “Joint Global Coordinators”) and OP Corporate Bank plc, Skandinaviska Enskilda Banken AB (publ) Helsinki Branch and Swedbank AB (publ) (in cooperation with Kepler Cheuvreux S.A.) act as the co-lead managers for the Offering (together with the Joint Global Coordinators, the “Managers”). Roschier, Attorneys Ltd. acts as the Company’s legal adviser and White & Case LLP acts as the Managers’ legal adviser in the Offering.