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SAS receives approval to sell Wideröe and renegotiates the credit facility

June 14, 2013 14:00

The SAS Group’s sale of Wideröe Flyveselskap AS has been approved by the Norwegian competition authority. The closing of the sale is expected to take place in September 2013. The cost reductions and the divestments performed in accordance with the 4XNG plan will lead to an improvement in SAS financial position and liquidity.

In November 2012, SAS renegotiated its revolving credit facility of MEUR 366 to an amortizing credit facility of MSEK 3,500, divided into two tranches with separate conditions for drawdown and with a maturity in March 31, 2015. Lenders are SAS four majority owners, including the Scandinavian states and a syndicate of seven merchant banks, all participating on the same terms. 

In connection with the divestment of Wideröe, the amortizing credit facility has been re-negotiated and amended. The actions under the 4XNG plan have made it possible for SAS to reduce the facility to MSEK 2,000. The facility is divided into two tranches with separate conditions for drawdown, one with a maturity in June 1, 2014 one with a maturity in March 31, 2015. The facility remains undrawn.

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