SAS Increases Share Offer

Scandinavian Airlines (SAS) has increased its share offer due to strong market demand. On February 7 the airline announced an offer of four million preference shares to the public, which it has now increased to seven million. The airline hopes to raise SEK3.5bn, before costs. Following the successful issue, SAS has decided to cancel its current revolving credit facility, which was signed in conjunction with the launch of a realignment programme, 4XNG, during the autumn of 2012. Rickard Gustafson, SAS' CEO, said: "The demand has exceeded our expectations several times over, and has resulted in significant oversubscription. The issue will provide the appropriate conditions for SAS to reach its financial targets ahead of what would otherwise have been the case, in addition to providing capital for the ongoing modernisation of the aircraft fleet. We now move forward with a strengthened financial platform which meets our long-term needs, without the current RCF."

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