Norwegian has raised NOK 2.5 billion (€246 million) in gross proceeds through a private placement and a convertible bond issue of $150 million (€135 million). After the completion of the transactions, Norwegian says to be fully funded through 2020 and beyond based on the current business plan.
The capital raise was completed yesterday, November 5th, through a private placement and a convertible bond issue. Both the private placement and the convertible bond issue received significant interest and were oversubscribed.
“The capital raise will secure required financing of working capital during the winter season and create financial headroom as the company moves from growth to profitability The actions we are now taking will enable us to embark on the next chapter of Norwegian, to the benefit of all shareholders, customers and employees,” said acting CEO Geir Karlsen.
The completion of the capital raise is subject to the resolution by the company’s extraordinary general meeting expected to be held on November 27th.
Norwegian’s change in strategy from growth to profitability has resulted in strong operational improvements. Profits in the company’s third quarterly results were the highest ever and the company has taken several actions to increase liquidity and reduce capital commitments:
This post was published on 6 November 2019 14:40
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