Reorganized Nordic Aviation Capital poised for growth

- Emerges from Chapter 11 with a significantly deleveraged balance sheet and access to increased capital to support growth
- Firmly positioned to remain the world's leading regional aircraft lessor and deliver on its strategy to become a top 10 single-aisle commercial jet lessor

Nordic Aviation Capital Designated Activity Company ("NAC" or the "Company") announced today that it has successfully exited from the Chapter 11 restructuring process, having received confirmation of its Plan of Reorganization from the Bankruptcy Court on April 19, 2022. The Company emerges well-positioned for the future having eliminated nearly $4.1b of debt, while significantly enhancing its liquidity, with access to approximately $537m in additional capital to fund operations and growth opportunities.

Since September 2021, NAC has focused on four key strategic initiatives, including right sizing the balance sheet, driving organizational change, stabilizing the portfolio and pivoting towards growth. Progress has been made across all initiatives and the Company is on track for recovery and growth, supporting its aim to remain the global leader in regional aircraft leasing and expand into adjacent single-aisle areas by leveraging its world-class asset management platform.

As outlined in NAC's Plan of Reorganization, NAC has appointed a new board of directors effective immediately. The board will be led by Chairman Klaus Heinemann and President & CEO Norman C.T. Liu with the support of non-executive directors Justin Bickle, Patrick Blaney, Martin Cooke, Paul O'Donnell, Catherine Duffy and Dermot Mannion.

Klaus Heinemann, Chairman of the Board, said, "I am delighted to join the NAC Board at this pivotal time in the Company's history. I would like to thank the outgoing NAC Board for their diligent guidance through what has been a complex and challenging process. Today we begin a new chapter at NAC with a strategy focused on growth and I look forward to working with the NAC team to help drive the Company's strategic plan and achieve sustainable, long-term success."

Norman C.T. Liu, President & CEO of NAC said, "Substantial progress has been made to ensure that we are moving forward with a solid financial foundation, a leaner and more efficient operating model and access to growth capital to invest in our business. I look forward to the months ahead as we reposition ourselves for growth. I want to thank our employees, customers and business partners for their steadfast support, which allowed us to maintain normal operations throughout this process."

The exit follows recent rating announcements for the Company. S&P assigned Issuer Credit Ratings of 'B' to Nordic Aviation Capital DAC and Nordic Aviation Capital 29 and a 'B' issue-level rating to Nordic Aviation Capital 29 Senior Secured Notes and Senior Secured Term Loan B, with a stable outlook. Moody's assigned a Corporate Family Rating of 'B2' to Nordic Aviation Capital DAC and a 'B2' issue-level rating to Nordic Aviation Capital 29 Senior Secured Notes and Senior Secured Term Loan B, with a stable outlook.

Additional Information

Kirkland & Ellis LLP served as the Company's restructuring counsel, Clifford Chance and William Fry LLP served as legal counsel, Ernst & Young served as restructuring advisor, and Rothschild & Co acted as investment banker.