Start-up Norse Atlantic plans $152m private placement

Norwegian long-haul start-up Norse Atlantic is seeking to raise NKr1.28b ($152m) via a private placement and plans to list on Olso’s Euronext Growth exchange. Norse says the price per share for the placement has been set at NKr20, equivalent to a pre-money equity valuation of approximately NKr200m for the airline. The managers of the issuance may elect to over-allot additional existing shares equivalent to up to NKr125m, representing around 10% of the offering size. Norse Atlantic says the net proceeds will be used for lease deposits of $4m on up to 12 aircraft, funding of start-up costs including pre-delivery operational expenditure of $24m, gross working capital of $80m, transaction costs of $9m, and general corporate purposes including licenses and marketing costs of $33m. The placement commenced on 24 March and closes on 25 March, although this timetable can be amended. The first day of trading on Euronext Growth Oslo is set to be on or about 12 April.<br/>