Norwegian has reached an agreement to convert approximately $1.9 million of lease debt into perpetual bonds. These may be converted into approximately 4.7 million ordinary shares in the company at a conversion price of NOK 4.24919.
Norwegian has also agreed to convert future end-of-lease maintenance obligations totalling approximately $17.7 million into perpetual bonds.
The perpetual bonds are subject to lock-up regulations in respect of trading and conversion.
Following the issuances, Norwegian will have perpetual bonds in issue in the nominal amount of c. NOK 2.2 billion, which may in the option of the holder be converted into approximately 516 million ordinary shares in the company at the conversion price.
This conversion of lease debt is part of the company’s debt restructuring program. Norwegian states that it is continuing to work with repayment plans and “possible further conversions of debt to equity and equity-like convertible instruments”.