Arendal, Norway, 21 August 2025 - Reference is made to the stock exchange
announcement by Norse Atlantic ASA ("Norse" or the "Company") earlier today at
07:30 (CEST) regarding the commencement of the subscription period for the
private placement of a new 2-year senior unsecured convertible bond with gross
proceeds of USD 30 million (the "Bond Issue").
The Bond Issue has been fully subscribed and the subscription period has
therefore successfully been completed.
The 2-year convertible bond will carry an interest rate of 8.5% per annum and be
convertible into Norse shares at USD 1.2662 per share, representing a premium of
35% compared to the arithmetic average of the volume weighted average share
price converted into USD (VWAP) for the last two trading days (19 and 20
August).
The net proceeds of the Bond Issue will be applied towards refinancing of
existing debt and general corporate purposes.
The Bond Issue was significantly oversubscribed, with strong demand from both
international and Norwegian equity and bond investors, recognising that Norse is
on track to build a successful and profitable airline supported by the Company's
commercial strategy, dual-leg own network and ACMI model, and ongoing cost and
efficiency initiatives. The proceeds will enable Norse to refinance debt at
materially lower interest costs and extend maturities, as well as increase the
Company's equity at a premium in case of future conversion.
Songa Capital AS ("Songa") and B T Larsen & Co Ltd ("BTLCo"), both close
associates of primary insiders of the Company, have been allocated bonds in the
amount of USD 5.0 million and USD 8.85 million, respectively. Songa is a company
closely associated with Felix Fürst, a board member of the Company, while BTLCo
is a company closely associated with and controlled by Bjørn Tore Larsen, the
CEO of the Company.
Arctic Securities, Pareto Securities and SpareBank 1 Markets acted as joint
bookrunners in the Bond Issue.
As further detailed in the Company's stock exchange announcement on 19 August
2025 at 07:05 (CEST), the Bond Issue remains conditional upon approval of the
necessary board authorisation at the Company's extraordinary general meeting to
be held on 9 September 2025 (the "EGM"). The Company has received irrevocable
voting undertakings from Songa and BTLCo, the Company's two largest
shareholders, to vote in favour of the proposed resolutions at the EGM.
Contacts:
Investors: CFO, Anders Hall Jomaas, anders.jomaas@flynorse.com
About Norse Atlantic Airways:
Norse Atlantic is an airline that offers affordable fares on long-haul flights.
The company was founded by CEO and major shareholder Bjørn Tore Larsen in
January 2021. Norse has a fleet of 12 modern, fuel-efficient and more
environmentally friendly Boeing 787 Dreamliners that serve destinations
including New York, Los Angeles, Miami, Orlando, Bangkok, Cape Town, Oslo,
Stockholm, Athens, London, Berlin, Rome and Paris. The Company's first flight
took off from Oslo to New York on June 14, 2022.
This information is subject to disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.