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Norwegian Air gets OK to replace existing floaters with new floaters
By Angela McDaniels
Tacoma, Wash., March 30 - Norwegian Air Shuttle ASA received 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.
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 voted on the proposal at a meeting at 4 a.m. ET on March 30 in Oslo. There were enough bondholders present to form a quorum, and the proposal received 97.67% of the votes cast.
The holders of at least half of the bonds had to 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 had to vote in favor of the proposal in order for it to pass.
New bonds
The consent solicitation was announced on March 16. At the time, the company said it would issue up to NOK 800 million of the new bonds, 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 was 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 was 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.
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