SAS AB (publ) (“SAS”) has signed a NOK 1.5 billion three-year term loan facility agreement, 100% guaranteed by the Norwegian Export Credit Guarantee Agency (GIEK).
Since the Norwegian government announced credit guarantees to airlines, SAS has worked with four Nordic banks as well as GIEK to clarify the criteria and terms for the guarantees. The guarantee scheme, which has been approved by the EFTA Surveillance Authority and the Norwegian Parliament, was implemented in the context of the COVID-19 pandemic and is intended to support the airline’s liquidity to ensure airline operations in Norway.
“We are pleased that we have been able to sign this term loan facility with the support of the Norwegian government. The facility increases our financial flexibility during a time with continued uncertainty about when demand will normalize. At the same time, we continue our work to reduce our costs, increase efficiency and continuously adapt our production to current demand,” says Magnus Örnberg, CFO of SAS.
The term loan facility was coordinated by Nordea. Danske Bank, Nordea, SEB and Swedbank were Mandated Lead Arrangers.