Simonsen Vogt Wiig advises Norwegian Air Shuttle on the NOK 2.5 bn. capital raising
The capital raising consists of a private placement in the amount of NOK 1,1 billion, a convertible bond issue of USD 150 million and a potential subsequent offering of up to NOK 280 million. Total gross proceeds including the subsequent offering are estimated at approximately NOK 2.75 billion
Norwegian retained DNB Markets, Pareto Securities and Arctic Securities as joint bookrunners on the private placement. The company offered 27,250,000 new shares, corresponding to approximately 19.9 per cent of the current share capital. In addition, the company retained Clarksons Platou Securities on the convertible bond issue. Norwegian is offering convertible bonds in the amount of USD 150 million.
The subscription price in the private placement and the terms and conditions of the convertible loan issue were determined through an accelerated book-building process after close of market on 5 November. The subscription price was set at NOK 40, giving a discount of 13% on the closing share price on 5 November (NOK 46).
This deal shows that the Capital Markets team at Simonsen Vogt Wiig is frequently retained by high-profile listed companies on high-profile deals in the Norwegian financial market. In Q1 this year, we assisted Norwegian in its NOK 3 billion rights issue.