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30-Jun-2020 6:18 PM

SAS announces EUR1.4bn recapitalisation programme

SAS announced (30-Jun-2020) plans to implement a new recapitalisation plan with the support of shareholders, the governments of Sweden and Denmark and KAW. The plan aims to restore equity by SEK14.3 billion (EUR1.4 billion) and secure approximately SEK12 billion (EUR1.1 billion) of new funding through the following proposed steps:

  • Directed issue of common shares in the amount of approximately SEK2006 million (EUR191.3 million) to the major shareholders;
  • Rights issue of new common shares available to eligible shareholders in an amount of approximately SEK3994 million (EUR380.8 million), expected to be covered by subscription undertakings and underwriting commitments corresponding to 81.5% of the total amount of the rights issue;
  • Directed issue of new hybrid notes in a total amount of SEK6000 million (EUR572.0 million) to shareholders;
  • Conversion of a SEK2250 million (EUR214.5 million) senior unsecured fixed-rate bond due Nov-2022 into common shares;
  • Conversion of a SEK1500 million (EUR143.0 million) subordinated perpetual floating rate capital securities.

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