Norwegian Air Shuttle (No_rec, TP: NOK) - NOK3bn fully underwritten rights issue
Norwegian Air Shuttle has announced a fully underwritten NOK3bn rights issue to increase financial flexibility and ensure it complies with bond covenants. We find it positive that it is addressing its financing needs, which have been a key market concern, but expect a negative share price reaction today on the back of the dilutive effects of the upcoming transaction and potential eased near-term takeover speculation. Due to our role in the transaction, we now have NO REC (BUY) or target price (NOK270) on the stock.Norwegian Air Shuttle is a low cost passenger travel airline. Co. operates both scheduled services and additional charter services. Co. has aircraft bases in Norway, Sweden, Denmark, Finland, Spain and the U.K.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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