West Atlantic AB (publ) (the "Company") has successfully placed an issue of senior secured bonds in the amount of SEK 850 million. The bonds will carry a fixed interest rate of 6.50 per cent per annum and will mature in December 2019. Nearly 100 institutional and private wealth investors from all the Nordic countries as well as from the UK and Continental Europe participated in the oversubscribed issue.
In conjunction with the abovementioned bond issue, the Company will in the near future redeem all bonds under its outstanding bond loan of SEK 500 million 8.00 per cent senior secured bonds 2013/2018 with ISIN SE0005133360. A separate notice regarding the redemption will be published in due course.
"Since first accessing the bond markets more than two years ago, West Atlantic has delivered on its business plan and grown steadily and profitably. The strong demand seen for a new West Atlantic bond clearly reflects the Company's solid performance and illustrates the trust investors place in the business. Now, with a new long-term financing solution in place, the Company is well-positioned to continue its expansion, aimed at maintaining West Atlantic's position as one of the leading dedicated air freight operators in Europe" - says Gustaf Thureborn, CEO of West Atlantic.
This press release is, for the avoidance of doubt, not an offer to purchase or sell financial instruments.
Pareto Securities acted as Sole Bookrunner and Financial Advisor to the Company while Gernandt & Danielsson Advokatbyrå acted as Legal Counsel.
For further information regarding the Company, please contact:
Gustaf Thureborn, CEO & President
Telephone: +46 (0) 10 452 95 07
Email: Gustaf.Thureborn@westatlantic.eu
Magnus Dahlberg, CFO
Telephone: +46 (0) 10 - 452 95 49
E-mail: Magnus.Dahlberg@westatlantic.eu
For further information regarding the bonds, please contact:
Markus Wirenhammar, Head of Debt Capital Markets, Pareto Securities
Telephone: +46 (0) 708 - 72 51 86
E-mail: mw@paretosec.com
About West Atlantic
The West Atlantic Group is one of the market leading providers of dedicated air freight services to European NMOs and air freight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network, based around six logistic hubs, and currently operates 51 scheduled destinations. The aircraft portfolio includes 46 customised aircraft in service, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and per December 31 2014 West Atlantic had 488 employees. For 2014 West Atlantic reported revenues of MSEK 1,244 and adjusted EBITDA of MSEK 224.
West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden
Investor Relations: investor.relations@westatlantic.eu
Webpage: www.westatlantic.eu
West Atlantic discloses the information in this release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act.
HUG#1972514
