SAS amends revolving facility as Widerøe sale gets green light

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SAS has amended a credit facility following approval of the sale of its regional operation Widerøe by the Norwegian competition authority.

The airline group has turned its €366 million ($486 million) revolving credit facility into an SKr3.5 billion ($540 million) amortising credit facility. The facility is divided into two tranches, with separate conditions for drawdown. Maturity is due on 31 March 2015.

Reflecting the divestment of Widerøe, the facility has been reduced to SKr2 billion. One tranche will be due on 1 June 2014, and the second on 31 March 2015.

Lenders are SAS Group's four majority owners, including the Scandinavian states and a syndicate of seven merchant banks, all participating on the same terms.

Last month, SAS agreed the SKr2 billion sale of its majority stake in Widerøe to a Norwegian investor group including the transport company Torghatten. The agreement covers an 80% shareholding in Widerøe. SAS will retain the other 20% but will have the option of divesting it in 2016.

Closure of the sale is expected to take place in September.