Scandinavian budget carrier had offered new shares as well as conversion of bonds.
Long-haul budget carrier Norse Atlantic has disclosed that 78.8% of the subscription rights for its recent new share issue were validly exercised.
The airline had offered just under 2.04 billion new shares at a price of NKr0.50, to raise gross proceeds of nearly NKr1.02 billion ($105 million).
Its subscription period expired on 19 June.
Norse says the proceeds will be used to repay a bridge loan facility, as well as general corporate purposes — including funding operations and working capital.
The take-up resulted in 1.6 billion shares being allocated based on the valid subscriptions from investors, with the remaining 432 million assigned to pre-committing investors who had underwritten the issue.
Norse had also given convertible bondholders the chance to exchange, by 17 June, their bonds for new shares.
It says it has received valid acceptances from holders representing about 96% of the bonds — the equivalent of nearly 546 million new shares.
Norse says that, once all the issuances are complete, it expects the company’s share capital will comprise up to 2.958 billion shares, each with a nominal value of NKr0.50.
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