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DNB - DNB ASA News Story

NOK189 3.1  1.7%

Last Trade - 21/06/21

Sector
Financials
Size
Large Cap
Market Cap £24.13bn
Enterprise Value £55.11bn
Revenue £4.87bn
Position in Universe 31st / 1845

UPDATE 1-Norwegian Air expects $840 mln cash position post capital hike

Mon 3rd May, 2021 1:51pm
(Adds detail) OSLO, May 3 (Reuters) - Budget airline Norwegian Air NORR.OL said it expects to have a cash holding of 7 billion crowns ($843 million) if it manages to raise the full amount of capital it is seeking this month. Norwegian is aiming to raise 6 billion crowns in fresh capital as part of a scheme to emerge from bankruptcy protection in Ireland and Norway on May 26. urn:newsml:reuters.com:*:nL8N2M714U The cash will come from a mix of perpetual bonds and equity, with the new shares sold at only 6.26 crowns each, a steep discount to the 55.25 crowns it trades at in Oslo .OSEBX . The airline said it expects total liabilities to be around 16 billion to 18 billion Norwegian crowns, of which about a third is aircraft-related debt, after the process is completed. Norwegian said on Monday it had support from "cornerstone" investors such as the asset management arms of Nordic banks Nordea NDAFI.HE and DNB DNB.OL and Geveran Trading, an investment vehicle of shipping magnate John Fredriksen. The domestic pension fund of the Norwegian state, Folketrygdfondet, is also among them. Norway had said it would take part in the capital raise. Financed largely by debt, Norwegian grew rapidly as it served routes across Europe and to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged airlines into crisis. urn:newsml:reuters.com:*:nL8N2ML5Q1 The carrier is now operating nine aircraft, mainly on domestic routes. It will have a fleet of 51 jets after the restructuring, down from around 160 before the pandemic. ($1 = 8.3077 Norwegian crowns) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ TIMELINE-Norwegian Air's rise and battle for survival urn:newsml:reuters.com:*:nL8N2ML5Q1 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Gwladys Fouche; Editing by Terje Solsvik and Alexander Smith) ((gwladys.fouche@tr.com; +47 21 04 05 53; Reuters Messaging: Twitter handle: @gfouche))
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