2 November 2020

Gernandt & Danielsson advises Intertrust and the noteholders’ committee in the recapitalization of SAS

SAS AB ("SAS") has successfully completed the previously announced recapitalization plan to tackle the effects of the COVID-19 pandemic. The recapitalization plan includes (i) directed issues of new ordinary shares and hybrid notes to the Swedish and Danish states, (ii) a rights issue of new ordinary shares to existing shareholders, (iii) conversion of existing subordinated hybrid notes ("Hybrids") into new ordinary shares and (iv) conversion of existing senior unsecured bonds ("Bonds") into new hybrid notes and ordinary shares.

The recapitalization converts SEK 2.25 billion of debt into equity and raises approximately SEK 12 billion of new equity before issue costs and consequently restores the equity by an amount corresponding to SEK 14.25 billion.

Gernandt & Danielsson advises Intertrust (Sweden) AB in its capacity as agent under the Hybrids and the Bonds, as well as the noteholders' committee, which consists of certain major holders of Hybrids and Bonds led by Spiltan Fonder, with a team consisting of partners Mikael Borg and Sofie Viktorsson as well as associates Jakob Forsell and Jonathan Antonsson.

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