DP Aircraft I Limited Shareholding in Norwegian Air (6660N)
May 21 2020 - 11:29AM
UK Regulatory
TIDMDPA
RNS Number : 6660N
DP Aircraft I Limited
21 May 2020
21 May 2020
DP Aircraft I Limited (the "Company")
Shareholding in Norwegian Air
Further to the Company's update of 13 May, the Board of DP
Aircraft I Limited confirms that all necessary pre-conditions to
the proposed lease debt/equity swap with Norwegian Air Shuttle
("Norwegian") have now been fulfilled, and that the Company has now
received its equity allotment in Norwegian.
Under the terms of the recapitalisation agreed by Norwegian with
lessor counterparties, a total amount of NOK 9,074,297,386 of lease
obligations have been converted into approximately 1,691 million
Conversion Shares at a conversion price of NOK4.24919 per Share
(the "Conversion Price") and into Perpetual Bonds which are
convertible into approximately 445 million new Shares at the
Conversion Price. Pursuant to this process, DP Aircraft Ireland (a
wholly-owned subsidiary of the Company) has been allotted
154,189,712 Shares but is not a participant in the allocation of
Perpetual Bonds.
As previously noted, lock-up provisions apply in respect of the
Conversion Shares, allowing for partial sales in August and October
2020, with the Company free to dispose of all Shares on or after 9
December 2020. It should be noted however that all of the Company's
Shares have been pledged as security to the Lenders as part of the
agreed Norwegian debt restructuring.
The Company's shareholding totalling 154,189,712 Shares
represents 5.02 per cent. of Norwegian's issued share capital and
voting rights based upon the 3,069,624,807 Shares in issue as at
today's date.
For further information please contact:
Aztec Financial Services (Guernsey) Limited, Company
Secretary
+44 1481 748833
Kellie Blondel / Laura Dunning
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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