Norse Atlantic ASA

Capital/Financing Update • Aug 21, 2025

Norse Atlantic ASA: Successful placement of senior unsecured convertible bonds

Norse Atlantic ASA: Successful placement of senior unsecured convertible bonds

Arendal, Norway, 21 August 2025 - Reference is made to the stock exchange

announcement by Norse Atlantic ASA ("Norse" or the "Company") earlier today at

07:30 (CEST) regarding the commencement of the subscription period for the

private placement of a new 2-year senior unsecured convertible bond with gross

proceeds of USD 30 million (the "Bond Issue").

The Bond Issue has been fully subscribed and the subscription period has

therefore successfully been completed.

The 2-year convertible bond will carry an interest rate of 8.5% per annum and be

convertible into Norse shares at USD 1.2662 per share, representing a premium of

35% compared to the arithmetic average of the volume weighted average share

price converted into USD (VWAP) for the last two trading days (19 and 20

August).

The net proceeds of the Bond Issue will be applied towards refinancing of

existing debt and general corporate purposes.

The Bond Issue was significantly oversubscribed, with strong demand from both

international and Norwegian equity and bond investors, recognising that Norse is

on track to build a successful and profitable airline supported by the Company's

commercial strategy, dual-leg own network and ACMI model, and ongoing cost and

efficiency initiatives. The proceeds will enable Norse to refinance debt at

materially lower interest costs and extend maturities, as well as increase the

Company's equity at a premium in case of future conversion.

Songa Capital AS ("Songa") and B T Larsen & Co Ltd ("BTLCo"), both close

associates of primary insiders of the Company, have been allocated bonds in the

amount of USD 5.0 million and USD 8.85 million, respectively. Songa is a company

closely associated with Felix Fürst, a board member of the Company, while BTLCo

is a company closely associated with and controlled by Bjørn Tore Larsen, the

CEO of the Company.

Arctic Securities, Pareto Securities and SpareBank 1 Markets acted as joint

bookrunners in the Bond Issue.

As further detailed in the Company's stock exchange announcement on 19 August

2025 at 07:05 (CEST), the Bond Issue remains conditional upon approval of the

necessary board authorisation at the Company's extraordinary general meeting to

be held on 9 September 2025 (the "EGM"). The Company has received irrevocable

voting undertakings from Songa and BTLCo, the Company's two largest

shareholders, to vote in favour of the proposed resolutions at the EGM.

Contacts:

Investors: CFO, Anders Hall Jomaas, anders.jomaas@flynorse.com

About Norse Atlantic Airways:

Norse Atlantic is an airline that offers affordable fares on long-haul flights.

The company was founded by CEO and major shareholder Bjørn Tore Larsen in

January 2021. Norse has a fleet of 12 modern, fuel-efficient and more

environmentally friendly Boeing 787 Dreamliners that serve destinations

including New York, Los Angeles, Miami, Orlando, Bangkok, Cape Town, Oslo,

Stockholm, 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 disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.