Norse Atlantic ASA secures USD 20 million liquidity buffer by shareholder loan
Arendal, Norway, 12 April 2024: Norse Atlantic ASA (the "Company" or "Norse") has secured a USD 20 million revolving credit facility (the "Facility") from its two largest shareholders Scorpio Holdings Limited and B T Larsen & Co Limited, currently holding 21.22% and 18.88% of the Company's issued shares, respectively. B T Larsen & Co Limited is ultimately controlled by Bjørn Tore Larsen, CEO of Norse. The Facility demonstrates the continuing strong support the Company has from its two largest shareholders.
The Facility will provide Norse with a liquidity buffer prior to moving into the more cash generative late spring and summer seasons. The buffer provided by the Facility is in addition of the Company's existing cash position, which as stated the company’s 2023 Annual report stands at USD 32.6 million per 31 March 2024.
The Facility is available for use until 15 October 2024 and contains customary event of default provisions. The Company may draw on the Facility from today onwards. The Facility is on market terms, is unsecured, has no covenants, will not be amortizing and any drawn amounts are to be repaid on or before 15 October 2024. Amounts drawn under the Facility will carry interest at a rate of 15% per annum. A commitment fee of 4.5% per annum will apply on any undrawn part of the Facility.
Forward looking business continues to improve. Year-to-date revenue from segments sold have increased substantially compared to the previous year and Norse is poised for a promising summer season. Moreover, charter revenues booked and under negotiation significantly surpass those achieved in 2023.
Contacts:
Investors: CFO, Anders Hall Jomaas, anders.jomaas@flynorse.com
Media: SVP Communications, Philip Allport, philip.allport@flynorse.com
Norse Atlantic Airways is an airline that offers affordable fares on long-haul flights, primarily between Europe and the United States. The company was founded by CEO and major shareholder Bjørn Tore Larsen in March 2021. Norse has a fleet of 15 modern, fuel-efficient and more environmentally friendly Boeing 787 Dreamliners that serve destinations including New York, Los Angeles, Orlando, Jamaica, Barbados, Bangkok, Miami, Oslo, 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 the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.