Reference is made to the Norwegian Air Shuttle ASA (the "Company") FRN perpetual
subordinated convertible bond loan with ISIN NO 0010996440 and ISIN NO
0010996432 in the aggregate amount of NOK 1,815,157,910 (the "New Capital
Perpetual Bonds").  

Pursuant to the bond terms, the New Capital Perpetual Bonds with ISIN NO
0010996440 in the aggregate amount of NOK 1,738,293,310 can be converted into
shares from the date falling on the second anniversary of the issue date (the
"Ordinary Conversion Bonds") and the New Capital Perpetual Bonds with ISIN NO
0010996432 in the aggregate amount of NOK 76,864,600 are convertible into shares
from the issue date, being 26 May 2021 (the "Early Conversion Bonds"). 

The New Capital Perpetual Bonds were issued as a part of the capital raise being
prescribed under the scheme of arrangement for the financial restructuring of
the Company and certain of its Irish subsidiaries, which was implemented on 26
May 2021 through an Irish examinership process and a Norwegian reconstruction
process. For further details, please see the stock exchange announcement on 11
March 2021, 3 May 2021 and 26 May 2021.  

The Company has received conversion notices from bondholders representing NOK
8,361,661 Early Conversion Bonds, which pursuant to standard terms set out in
the bond terms are convertible into 890,485 new shares in the Company. 

Following the conversion, the Company has New Capital Perpetual Bonds in issue
in the nominal amount of NOK 1,806,796,249, of which NOK 1,738,293,310
constitute Ordinary Conversion Bonds and NOK 68,502,939 constitute Early
Conversion Bonds. The remaining New Capital Perpetual Bonds may be converted
into approximately 192,4 million shares in the Company at a conversion price of
NOK 9.39, subject to anti-dilution provisions. 

The Company's share capital is increased by NOK 89,048.50 by issue of 890,485
new shares. The increase pertaining to the conversion of the Early Conversion
Bonds has today been registered in the Norwegian Register of Business
Enterprises (Nw.: Foretaksregisteret). The Company's new share capital is NOK
92,851,849.60 divided into 928,518,496 shares, each with a nominal value of NOK
0.10. 

Issuance of the new shares in the VPS is expected to take place later today. 

For further information, please contact: Tore Østby, phone: +47 995 464 00  

 

Fornebu, 1 December 2021 

Norwegian Air Shuttle ASA 

 

 

Important information  

The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan or the United States
(including its territories and possessions, any state of the United States and
the District of Columbia) or in any other jurisdiction where such publication or
distribution is unlawful.  

This release is an announcement issued pursuant to legal information obligations
and is subject of the disclosure requirements pursuant to the Market Abuse
Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities
Trading Act, and was prepared by Tore Østby, Investor Relations at Norwegian Air
Shuttle ASA, tel. +47 995 46 400.   

It is issued for information purposes only and does not constitute or form part
of any offer or solicitation to purchase or subscribe for securities, in the
United States or in any other jurisdiction. The securities mentioned herein have
not been, and will not be, registered under the United States Securities Act of
1933, as amended (the "US Securities Act"). The securities may not be offered or
sold in the United States except pursuant to an exemption from the registration
requirements of the US Securities Act. This information is subject to disclosure
requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.