Norse Atlantic Soars as $47 Million Raised in Successful Private Placement

Norwegian low-cost long-haul airline, Norse Atlantic Airways, based at Oslo Gardermoen, has secured an impressive $47 million in a recent private placement, marking a significant financial boost for the carrier. The settlement of the second tranche of this placement saw the CEO and CFO receive additional shares, as disclosed in a filing with the Oslo Stock Exchange on November 27.

In the update, it was revealed that B T Larsen & Co Limited, a company controlled by Norse Atlantic CEO Bjørn Tore Larsen, has acquired 11,060,136 shares at a price of NOK11 kroner (USD1.03) per share. This brings Larsen’s ownership to 19.86% of the airline’s share capital, totaling 24,271,225 shares. CFO Ander Jomaas also obtained 10,171 shares, raising his ownership to approximately 0.01% of the share capital.

The largest shareholder, Scorpio Holdings Limited, invested NOK150 million (USD14.1 million) in the placement, acquiring 45,712,339 shares. As a result, Scorpio Holdings now holds 22.32% of the issued share capital, totaling 27,272,419 shares. B T Larsen & Co remains the second-largest shareholder.

Norse Atlantic Airways initiated the private placement to raise funds for enhancing liquidity during the shoulder and winter seasons, with the goal of supporting operations until revenue from the seasonally robust summer program bookings is collected. Additionally, the funds will be utilized for general corporate purposes.

Founded in 2021 and commencing operations in mid-2022, Norse Atlantic operates long-haul flights connecting Europe, the United States, and Southeast Asia. The airline, which currently leases four B787-9s with another on order, has become a prominent player in the aviation industry. Popular routes include flights from Oslo Gardermoen to Bangkok Suvarnabhumi and Miami International, as well as services between Paris CDG and New York JFK, according to ch-aviation schedules data.