2020102701

Credit Event

Scandinavian Airlines System Denmark – Norway – Sweden

Event Publicly Available Information:

The EMEA DC has determined that a Restructuring Credit Event has occurred in respect of Scandinavian Airlines System Denmark – Norway – Sweden.

The Eligible Market Participant that raised the DC Question requested that the DC consider whether a Restructuring Credit Event has occurred in respect of Scandinavian Airlines System Denmark – Norway – Sweden as a result of the restructuring of the SEK 1,500,000,000 5.375% Fixed Rate Senior Unsecured Notes 2017/2022 issued by SAS AB and guaranteed by Scandinavian Airlines System Denmark – Norway – Sweden (ISIN SE0010520338). Such Notes have been converted into perpetual instruments or equity as a result of the implementation of the recapitalisation plan of SAS AB.

This link contains the following documents: https://www.sasgroup.net/investor-relations/recapitalization-plan/

  • Press release 23 October 2020 – SAS announces successful implementation of recapitalization plan
  • Press release 30 September 2020 – SAS publishes prospectus regarding the rights issue and bondholder offer;
  • Prospectus for SAS AB’s Rights Issue and Bondholder Offer:
  • Press release 23 September 2020 – SAS resolves to issue new hybrid notes and shares in accordance with its recapitalization plan;
  • Press release 2 September 2020 – Noteholders have approved the conversions of claims as part of SAS’ recapitalization plan;
  • Press release 14 August 2020 – SAS announces revised recapitalization plan;
  • Press release 30 June 2020 – SAS announces recapitalization plan to continue as a key provider of important Scandinavian airline infrastructure.