Norwegian Air to Tap Markets in Bid to Raise Over $300 Million

Norwegian Air Shuttle ASA, the debt-ridden low-cost airline, is returning to capital markets in a bid to raise potentially more than $300 million.

Norwegian is contemplating a private placement of as many as 27.25 million new shares, representing about 20% of its share capital. The company also wants to sell convertible bonds for as much as $175 million, it said in a statement. At Tuesday’s closing price, the new shares would be worth 1.255 billion kroner ($136 million).