Aviation Business News

$20m credit facility secured by Norse Atlantic

Storm Aviation Norse Atlantic

Long-haul LCC Norse Atlantic has secured a  $20 million revolving credit facility from its two largest shareholders Scorpio Holdings Limited and B T Larsen & Co Limited, currently holding 21.22% and 18.88% of the Company’s issued shares, respectively. B T Larsen & Co Limited is ultimately controlled by Bjørn Tore Larsen, CEO of Norse. The facility demonstrates the continuing strong support the Company has from its two largest shareholders.

The facility will provide Norse with a liquidity buffer prior to moving into the more cash generative late spring and summer seasons. The buffer provided by the Facility is in addition of the Company’s existing cash position, which as stated the company’s 2023 Annual report stands at USD 32.6 million per 31 March 2024.

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The facility is available for use until 15 October 2024 and contains customary event of default provisions and it is on market terms, is unsecured, has no covenants, will not be amortising and any drawn amounts are to be repaid on or before 15 October 2024.

Forward-looking business ‘continues to improve’ at the airline. Year-to-date revenue from segments sold have increased substantially compared to the previous year and Norse is poised for a promising summer season. Moreover, charter revenues booked and under negotiation significantly surpass those achieved in 2023.

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