SAS prepares share offering this week

Capital to be used mainly for renewal of fleet

SAS’s Board of Directors is preparing a share offering this week to boost its finances. It will offer citizens and institutional investors in Denmark, Norway and Sweden preferred shares in SAS AB at a total value of around SEK 2 billion (€230 million).

The airline says the capital will be used mainly for the renewal of its fleet and to strengthen its financial resources.

The company also intends to issue a convertible bond of up to SEK 2 billion in close connection with or shortly after the offering, subject to market conditions. It has also entered into a financing agreement with Swiss financial services giant UBS for around €150 million.

The offering involves around 4 million preference shares, carried at a price of SEK 500 per share. Subscription to preference shares will be made in the period February 10 to 20 for institutional investors and February 10 to 19 for Danish, Norwegian and Swedish citizens.

The first day of trading in the preferred shares on NASDAQ OMX Stockholm is expected to be March 7.

As reported last October, SAS and Airbus finalised a $3.3 billion long-haul aircraft order for four A330-300s and eight A350-900s, with six options for the A350-900. The A330s will be delivered in 2015-16, the A350s from 2018.



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