Commodities

SAS says 56% of bonds subscribed for in conversion offering part of rescue plan

Credit: REUTERS/TT NEWS AGENCY

SAS said bondholders had subscribed for 56.4% of shares in a bond conversion offering that is a key part of a recapitalisation plan aimed at seeing it through the collapse in air travel caused by the coronavirus pandemic.

STOCKHOLM, Oct 23 (Reuters) - SAS SAS.ST said bondholders had subscribed for 56.4% of shares in a bond conversion offering that is a key part of a recapitalisation plan aimed at seeing it through the collapse in air travel caused by the coronavirus pandemic.

The offer was to holders of a 2.25 billion Swedish crown ($256 million) bond due Nov. 24, 2022.

The airline said in a statement on Friday the remainder of the bond was converted into new hybrid notes in an aggregate amount of 1.62 billion crowns.

It said the recapitalisation plan was now on track to be implemented.

($1 = 8.7899 Swedish crowns)

(Reporting by Anna Ringstrom, editing by Gwladys Fouche)

((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))

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