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Vinge advises the Swedish state in connection with the recapitalization of SAS

October 23, 2020 Capital Markets and Public M&A

Vinge advises the Swedish state in connection with the recapitalization of SAS. The recapitalization plan, which includes State aid that has been approved by the EU Commission, restores SAS’ equity by SEK 14.25 billion and secures approximately SEK 12 billion of new funding.

The recapitalization plan consists of a directed issue of shares to the Swedish and Danish states, a rights issue of shares to existing shareholders, two directed issues of hybrid notes, of which one is directed to the Swedish and Danish states and one is directed to the Danish state, as well as conversion of existing hybrid notes into shares and of existing bonds into new hybrid notes or shares. The conversion of debt instruments aims at distributing the economic burden of the company’s recapitalization. In aggregate, the Swedish state provides SAS with SEK 5 billion in connection with the recapitalization of the company.

Vinge’s team consisted of Charlotte Levin, Erik Sjöman, Martin Johansson, Amanda Knutsson, Hedvig Josefson and Julia Hirschberg.

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