| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2012 > News item |
Norwegian Air seeks OK to replace existing floaters with new floaters
By Angela McDaniels
Tacoma, Wash., March 16 - Norwegian Air Shuttle ASA is seeking approval to replace its NOK 600 million of floating-rate senior bonds due Dec. 17, 2012 with a new bond issue, according to a notice from bond trustee Norsk Tillitsmann ASA.
Under the company's proposal, the existing bonds will be redeemed on April 13. The early redemption price will be 102 for existing bondholders who use the proceeds to purchase new bonds and 101 for others.
Bondholders will vote on the proposal at a meeting at 4 a.m. ET on March 30 in Oslo.
The holders of at least half of the bonds must be represented in person or by proxy at the meeting in order to form a quorum, and bondholders representing at least two-thirds of the bonds represented at the meeting must vote in favor of the proposal in order for it to pass.
Bondholders who wish to attend the meeting are asked to contact the trustee by 10 a.m. ET on March 29.
New bonds
The company will issue up to NOK 800 million of the new notes, including up to NOK 600 million in the first tranche. The issue price will be par.
The maturity date will be April 13, 2015.
The interest rate is expected to be Nibor plus 500 basis points to 550 bps. Interest will be payable quarterly.
The bonds will have a change-of-control put option at 101%.
The settlement date of the new bonds is expected to be April 13.
Bondholders who wish to participate in the new bonds are asked to contact one of the arrangers at least three business days prior to the settlement date. The arrangers are Arctic Securities ASA (contact Kristian Pande Horn at 47 2101 3274 or kristian.pande.horn@arcticsec.no) and Swedbank First Securities (contact Havard Kvam at 47 2311 6253 or havard.kvam@swedbank.no).
Norwegian Air Shuttle is an airline based in Fornebu, Norway.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.