Norwegian Air Shuttle ASA — M&A Activity 2020

Apr 28, 2020

Norwegian Air Shuttle ASA – Revised offer to bondholders

Norwegian Air Shuttle ASA – Revised offer to bondholders

Fornebu, Norway – 28 April 2020

Reference is made to the stock exchange announcements from Norwegian Air Shuttle ASA (the “Company”) dated 27 April 2020, relating to bondholder meetings to be held on 30 April 2020 in respect of NAS07, NAS08, NAS09 and the USD 150 million convertible bond issue with ISIN NO 0010868284 (the “CB").

Following discussions with bondholders, as well as with certain other stakeholders, the Company has concluded to amend the proposal put forward to its bondholders. The Company proposes to convert 50 percent debt to equity in respect of NAS07 and NAS08 (as opposed to 60 percent in the earlier proposal) and 80 percent debt to equity in respect of the CB (as opposed to 85 percent in the earlier proposal), on terms attached in the notice to the bondholders (in accordance with the summons). In addition, the Company proposes to provide and/or harmonize certain other terms and conditions including a negative pledge covenant and dividend restrictions in all bond terms.

The revised proposal to the bondholders reflects that the company continues to make progress with its other stakeholders.

The notice of the amendment to the proposals for the respective bond issues are attached and available on www.newsweb.oslobors.no and www.stamdata.com.