Adds element
OSLO, Might 21 (Reuters) – Norwegian Air NORR.OL has raised the 6 billion Norwegian crowns ($714.07 million) it focused via the sale of perpetual bonds, new shares and a rights concern, the corporate stated on Friday.
Courts in Eire and Norway had demanded the funds airline elevate no less than 4.5 billion crowns as a part of a scheme to emerge from chapter safety within the two nations on Might 26.
The personal placement of latest shares raised 3.73 billion crowns and was “considerably oversubscribed”, the agency stated in a press release.
The perpetual bond sale added 1.88 billion crowns from present collectors, whereas the rights concern to present shareholders was oversubscribed and the ultimate outcomes are to be settled on Might 25, the corporate stated.
The capital injection permits Norwegian Air to exit the restructuring course of it started in December final yr.
The courts in Oslo and Dublin final month gave their approval for Norwegian to sharply lower its debt by changing it to inventory as long as it raised the 4.5 billion crowns.
The corporate then determined to try to elevate a further 1.5 billion crowns to bolster its sources additional because the pandemic continues to curb journey.
($1 = 8.4025 Norwegian crowns)
(Reporting by Victoria Klesty, enhancing by Louise Heavens, Kirsten Donovan)
(([email protected]; +47 2331 6592; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.