As part of SAS's ongoing change and savings plan "SAS Forward", the airline will defer interest payments on hybrid bonds that mature at the end of April. The deferral is in accordance with the terms, SAS points out.
The decision means that SAS is postponing semi-annual interest payments of SEK 36 million, which are due on April 25, on an outstanding hybrid bond of just over SEK 1.6 billion with perpetual maturity. The company is also postponing a semi-annual interest payment of SEK 138 million, which is due on April 26, in this case on subordinated hybrid bonds of SEK 6 billion with perpetual maturity, according to a press release.
”"The SAS Forward plan is intended to secure long-term competitiveness and financial strength. The success of the plan and the ability to attract potential new capital is dependent on SAS fully implementing the cost reduction plan, which in turn is dependent on the full participation of SAS stakeholders," the airline points out.
SAS will provide a more comprehensive update on developments in SAS Forward later in April.
On Thursday morning, SAS reported passenger figures for March, where 1.4 million travelers flew with the airline, an increase of 360 percent compared to the pandemic-hit month last year.
”The number of passengers during the month was the highest since the pandemic hit in March 2020. We continue to scale up operations and increase our capacity for the summer peak season, also due to an increasing sales trend,” stated SAS CEO Anko van der Werf.
The SAS boss also notes that "the need for change in the company" remains and that the SAS Forward plan is therefore being continued, to "ensure a competitive and financially strong SAS for the future.".
Source: DI.SE
