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* Backing give financial headroom -acting CEO
* Shares up 5.6%, reversing losses
(Adds shares, bullet points)
By Terje Solsvik
OSLO, Sept 16 (Reuters) - Norwegian Air's
bondholders have accepted the company's plea to postpone
repayment of $380 million by up to two years, the carrier said
on Monday, providing the loss-making airline some financial
relief and sending its shares higher.
In return, Norwegian has promised to pay a premium on the
bonds while pledging lucrative take-off and landing slots at
London's Gatwick Airport as security.
"We're pleased with the bondholders' decision to amend the
bonds as it will give us added financial headroom going
forward," acting CEO Geir Karlsen said in a statement.
Norwegian Air remains on track to cut costs by 2 billion
Norwegian crowns ($223 million) in 2019, he added.
To alter the terms, two-thirds of bondholders at a meeting
in Oslo had to back the proposal. In the end, 89.8% of owners of
the NAS07 bond gave their consent, while support for the NAS08
bond stood at 99.64%.
Norwegian Air had said on Sept. 11 that preliminary
indications showed that enough bondholders would accept the
measures.
The company's shares, which rose strongly in the days
leading up to the decision, traded 5.6% higher at 1214 GMT,
outperforming an Oslo benchmark index up 1.01%.
Europe's third-largest low-cost carrier by passenger numbers
after Ryanair and easyJet has made major inroads
in the market for transatlantic travel, but haemorrhaged cash to
pay for the rapid expansion.
Norwegian switched this year to prioritise profits over
growth, but that goal is being hampered by the global grounding
of Boeing's 737 MAX aircraft and long-running technical
problems with Rolls Royce engines on Boeing Dreamliners.
($1 = 8.9752 Norwegian crowns)
(Editing by Gwladys Fouche and David Evans)
