November 6, 2019 / 8:11 AM / a month ago

Norwegian Air's shares down 8% after share, bond issue

OSLO, Nov 6 (Reuters) - Norwegian Air’s shares fell by 8% in early trade on Wednesday after the struggling budget carrier conducted its third share issue in less than two years late on Tuesday.

The company raised 2.5 billion Norwegian crowns ($272 million) from a combined sale of shares and convertible bonds, which it said would cover its needs “through 2020 and beyond based on the current business plan”.

The news shares were sold at 40 crowns each, a 13% discount to Tuesday’s closing price of 46.06 crowns. The company’s shares traded at 42.64 crowns at 0802 GMT.

$1 = 9.1965 Norwegian crowns Reporting by Terje Solsvik and Gwladys Fouche, editing by Louise Heavens

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