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SAS AB launches 1.6 billion Swedish crowns guaranteed convertible bond offering

Tuesday, 25 Feb 2014 02:00am EST 

SAS AB:Says it intends to issue 1.6 bln Swedish crowns in aggregate principal amount of convertible bonds due in 2019.Says its obligations under the bonds will be unconditionally and irrevocably guaranteed by Scandinavian Airlines Systems Denmark – Norway – Sweden.Senior unsecured bonds are to bear interest of between 3.125 pct and 3.625 pct payable semi-annually in arrear.Says bonds will be convertible into fully paid common shares of company at initial conversion price equal to conversion premium of between 25 pct and 30 pct over volume weighted average price of shares on NASDAQ OMX Stockholm between launch and pricing of the offer.Says bonds will mature in April 2019.Says bonds are expected to be subscribed on behalf of investors by J.P. Morgan on or around March 4 and to be settled on or around March 5.Says it is intended that application will be made for bonds to be listed on Open Market segment of Frankfurt Stock Exchange by no later than one month after issue date.Says proceeds from issue of bonds together with proceeds from preference share offer will be used to redeem certain of company’s outstanding bonds maturing in 2015, strengthen financial condition for continued renewal of aircraft fleet.Says proceeds will also be used to strengthen financial preparedness and reduce dependence on bank financing.Says J.P. Morgan is sole bookrunner with respect to issuance of bonds and Mannheimer Swartling is legal advisor in connection with convertible bond offering. 

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