Norwegian Air expects US$840m cash position post capital hike | Malay Mail

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OSLO, May 3 — Budget airline Norwegian Air said it expects to have a cash holding of 7 billion crowns (RM3.4 billion) if it manages to raise the full amount of capital it is seeking this month. Norwegian is aiming to raise 6 billion crowns in fresh capital as part of a scheme to emerge from...

Parked Boeing 737-800 aircrafts belonging to budget carrier Norwegian Air are pictured at Stockholm Arlanda Airport, in this March 6, 2015 file picture. — Reuters picOSLO, May 3 — Budget airline Norwegian Air said it expects to have a cash holding of 7 billion crowns if it manages to raise the full amount of capital it is seeking this month.

The cash will come from a mix of perpetual bonds and equity, with the new shares sold at only 6.26 crowns each, a steep discount to the 55.25 crowns it trades at in Oslo. Norwegian said on Monday it had support from “cornerstone” investors such as the asset management arms of Nordic banks Nordea and DNB and Geveran Trading, an investment vehicle of shipping magnate John Fredriksen.

 

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