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Norwegian Air Shuttle to establish fully owned asset management company in Ireland

2-Sep-2013 9:57 AM

Norwegian Air Shuttle announced (30-Aug-2013) plans to establish a fully owned asset management company which will be incorporated under the laws of Ireland and will have USD as its functional currency. The first aircraft to be placed under the control of the asset management company is the Boeing 737-800 due for delivery in Sep-2013. The asset management company will operate as lessor of the aircraft. The incorporation of the new subsidiary will also limit currency exposure to the balance sheet. The currency exposure is primarily driven by a mismatch between USD denominated loans and aircraft balance sheet values denominated in NOK, managed today by extensive hedge arrangements. [more - original PR]