Norwegian Air Shuttle holders convert NOK 2 million of perpetual bonds

By Rebecca Melvin

Concord, N.H., March 8 – Norwegian Air Shuttle ASA has received conversion notices from bondholders representing NOK 2 million perpetual subordinated convertible bond loans, including ordinary conversion bonds (ISIN: 0010996440) and early conversion bonds (ISIN: 0010996432), according to a regulatory notice.

The bonds will be converted into 212,992 new shares of the company, raising the company’s share capital by NOK 21,299.20 to NOK 92,915,747.30.

The new capital bonds were issued as part of a restructuring agreement for the company and certain of its Irish subsidiaries, which was implemented on May 26, 2021 through an Irish examinership process and a Norwegian reconstruction process.

After the conversion, the remaining principal outstanding under the perpetual bonds amounts to NOK 1,800,796,249, of which NOK 1,738,293,310 constitute ordinary conversion bonds and NOK 62,502,939 constitute early conversion bonds. The remaining new capital perpetual bonds may be converted into about 191.8 million shares in the company at a conversion price of NOK 9.39.

The Norwegian company is a low-cost air carrier.

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