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Convertible Bond 2014-2019

February 25, 2014 08:00
On 25 February 2014, SAS AB announced that it successfully had priced a SEK 1.6 billion offering of convertible bonds due in 2019. The senior unsecured Bonds has an annual coupon of 3.625% payable semi-annually in arrear and will be convertible into fully paid common Shares of the Company at an initial conversion price of SEK 24.0173 equal to a conversion premium of 25% over the volume weighted average price of the Shares on NASDAQ OMX Stockholm between launch and pricing of the offer on 25 February 2014 (the “Reference Price”). The Reference Price of the Company’s Shares was set at SEK 19.2138. The Bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in April 2019. SAS has the right to redeem all but not some of the Bonds at any time after approximately three years following the Issue Date at 100% of their principal amount together with accrued interest, if the value of the Shares on NASDAQ OMX Stockholm exceeds, for a specified period of time, 130% of the conversion price.

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