Scandinavian airline, SAS, has reached an agreement in principle with investors to convert its existing debt into new debt or shares. Under the agreement, holders of existing SEK1.5bn ($172 million) subordinated perpetual floating rate notes will be converted into common shares in the company at 90% of par value and at a subscription price of SEK 1.16 per share. Bond holders of SEK2.25bn senior unsecured fixed rate notes will be converted into new commercial hybrid notes at 100% of par value, with a floating interest rate of 6M STIBOR plus an initial margin of 340 bps per annum, stepping up

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