Brief: SAS Enters Into Investment Agreement And Replacement Facility For Existing Debtor-In-Possession Financing

Sas AB

04/11/2023 17:29

Nov 4 (Reuters) - Sas Ab  SAS.ST :
    * SAS ENTERS INTO INVESTMENT AGREEMENT AND REPLACEMENT
FACILITY
FOR EXISTING DEBTOR-IN-POSSESSION FINANCING
    * SAS HAS ALSO ENTERED INTO A NEW DEBTOR-IN-POSSESSION
("DIP")
FINANCING CREDIT AGREEMENT FOR USD 500 MILLION (SEK 5.5
BILLION) 1  WITH CASTLELAKE
    * CASTLELAKE HOLDS APPROXIMATELY 32.0% OF EQUITY AND 55.2%
OF
CONVERTIBLE DEBT;
    * AIR FRANCE-KLM HOLDS APPROXIMATELY 19.9% OF EQUITY AND
4.8% OF
CONVERTIBLE DEBT;
    * DANISH STATE HOLDS APPROXIMATELY 25.8% OF EQUITY AND 30.0%
OF
CONVERTIBLE DEBT
    * LIND INVEST HOLDS APPROXIMATELY 8.6% OF EQUITY AND 10.0%
OF
CONVERTIBLE DEBT
    * REMAINING APPROXIMATELY 13.6% OF EQUITY WILL BE
DISTRIBUTED
AMONG AND HELD BY CERTAIN CREDITORS WHO MAY RECEIVE RECOVERY IN
EQUITY
    * NEW DIP FINANCING WILL REFINANCE AND REPLACE SAS' EXISTING
DIP
FINANCING CREDIT AGREEMENT IN AMOUNT OF USD 700 MILLION
    * SAS WILL SEEK U.S. COURT APPROVAL OF INVESTMENT AGREEMENT
AND
NEW DIP FINANCING AS SOON AS POSSIBLE IN NOVEMBER 2023.

Source text for Eikon:  ID:nObi6f6WSa 
Further company coverage:  SAS.ST 

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