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Norwegian Air Shuttle improved the terms of an offer to bondholders for a second time this week, just hours before the deadline for its creditors to agree on a restructuring plan that it hopes will eventually unlock a state rescue. -
The US convertible bond market is showing little sign of slowing down, after another wave of new issues this week, including a jumbo $2.3bn bond from Southwest Airlines. The boom will continue, sources said, as companies attempt to bring in capital to offset a loss in revenue because of Covid-19.
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Hong Kong-listed Country Garden Services Holdings made its equity-linked debut this week, tapping investors for HK$3.88bn ($500m) with a sub-one year zero coupon convertible bond.
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Norwegian Air Shuttle has revised the terms of its restructuring pitch to bondholders, cutting the size of the writedown it is asking them to take and making sure they get the benefit of the security over landing slots they were granted last year.
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Hong Kong-listed Country Garden Services Holdings has tapped equity-linked investors for HK$3.88bn ($500m), selling a sub-one year zero coupon convertible bond.
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Delta Air Lines has pledged landing slots at New York's JFK and LaGuardia airports and London's Heathrow to back a new $3bn bond and loan package. But the restructuring plan of Norwegian Air Shuttle shows how hard it can be for bondholders to benefit from this kind of ‘soft’ collateral.
