Norse Atlantic Airways has secured additional liquidity (in the form of a £20 million revolving credit facility) from two of its largest shareholders, Scorpio Holdings and B T Larsen & Co. Scorpio Holdings currently holds 21.22% of Norse’s issued shares, while BT Larsen & Co – which is ultimately controlled by Bjørn Tore Larsen, CEO of Norse – owns 18.88%.
‘The Facility will provide Norse with a liquidity buffer prior to moving into the more cash generative late spring and summer seasons,’ explains the airline. The loan is in addition to the company’s existing cash position, which stood at $32.6 million as of 31 March 2024.
The loan facility is available for use until 15 October 2024, the latest date for any drawn amounts to be repaid. Amounts drawn will carry an interest rate of 15% per annum and an annual commitment fee of 4.5% will apply on any undrawn part of the facility.
Norse Atlantic secures $20 million shareholder loan
Norse Atlantic Airways has secured additional liquidity (in the form of a £20 million revolving credit facility) from two of its largest shareholders, Scorpio Holdings and B T Larsen & Co. Scorpio Holdings currently holds 21.22% of Norse’s issued shares, while BT Larsen & Co – which is ultimately controlled by Bjørn Tore Larsen, CEO of Norse – owns 18.88%.
‘The Facility will provide Norse with a liquidity buffer prior to moving into the more cash generative late spring and summer seasons,’ explains the airline. The loan is in addition to the company’s existing cash position, which stood at $32.6 million as of 31 March 2024.
The loan facility is available for use until 15 October 2024, the latest date for any drawn amounts to be repaid. Amounts drawn will carry an interest rate of 15% per annum and an annual commitment fee of 4.5% will apply on any undrawn part of the facility.