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Victor Bernander

West Atlantic AB (publ) initiates a written procedure regarding a restructuring of its senior secured bonds 2015/2019

West Atlantic AB (publ) (the “Company” and together with its subsidiaries “Group”) summons a meeting among the bondholders by way of a procedure in writing (the “Written Procedure”) for its outstanding bonds 2015/2019 with ISIN SE0007783840 with an aggregate amount outstanding of SEK 850,000,000 (the “Bonds”).

As announced by the Company by way of a press release on 9 April 2019, the Company has entered into a memorandum of understanding with its current shareholders, LUSAT AIR S.L. (“LUSAT”) and certain major bondholders, holding approximately 32 per cent. of the Bonds, with the purpose to refinance the Group and to agree on a procedure for the repayment of the Bonds (the “Transaction”).

LUSAT has, in accordance with the memorandum of understanding, subscribed for new ordinary shares in the Company and has become the majority shareholder. A temporary waiver has been approved by the agent Nordic Trustee & Agency AB (publ) regarding the change of control event clause set out in the terms and conditions of the Bonds. The waiver, with the effect that no bondholder may exercise the put option right, is conditional until the earlier of (i) the Transaction is approved or rejected by the bondholders under the Written Procedure and (ii) 15 May 2019.

The Company has today instructed Nordic Trustee & Agency AB (publ), being the agent under the Bonds, to send a notice to a Written Procedure to all bondholders directly registered in the Company’s debt ledger held with Euroclear Sweden in order to receive the bondholders’ approval of the Transaction. The bondholders’ committee has undertaken to vote in favour of the Transaction.

The notice to the Written Procedure, describing the Transaction and the requests to the bondholders, is available at the Company’s webpage https://westatlantic.eu/investors/ and at Stamdata (www.stamdata.com).

For questions regarding the administration of the Written Procedure, please contact the agent at voting.sweden@nordictrustee.com or +46 8 783 79 00.

For questions relating to the Bond, please contact Markus Wirenhammar, Mw@paretosec.com, +46 708 72 51 86, or your dedicated broker within Pareto Securities.

 

Notice of written procedure 

 

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 00

E-mail: goran.berglund@westatlantic.eu

 

This information was submitted for publication at 20.00 CEST on 15 April 2019.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

 

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

 

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

 

Press Release

West Atlantic AB (publ) has entered into a memorandum of understanding with its current shareholders, LUSAT and certain major bondholders whereby LUSAT will become the new majority shareholder

As communicated by West Atlantic AB (publ) (the “Company”, including its subsidiaries the “Group”) in a press release dated 18 March 2019, the Company has been discussing principal terms with LUSAT AIR S.L. (“LUSAT”) and certain major bondholders holding bonds in the Company’s outstanding bond loan with ISIN SE0007783840 (the “Bonds”) for a refinancing of the Group. The offer made by LUSAT has been accepted amongst the shareholders of the Company and certain major bondholders and the parties have today entered into a memorandum of understanding.

The Company has resolved to issue new ordinary shares to LUSAT and as payment for the ordinary shares, LUSAT will provide an equity contribution in the amount of EUR 20 million, conditional to the approval by the bondholders of the written procedure accepting the complete transaction. It is a requirement that the subscription of the new ordinary shares, due to Brexit, occur on or around 10 April 2019, which will result in LUSAT becoming the majority shareholder in the Company. The allocation of the shares to LUSAT will give rise to a change of control event under the terms and conditions of the Bonds. However, the trustee under the Bonds has, based on instructions from the Company and the major bondholders, agreed to a temporary and conditional waiver in respect of the Company’s obligation to repurchase any Bonds, until the written procedure has been held and the transaction, including the change of control, been formally approved by the bondholders in accordance with the terms and conditions of the Bonds.

Of the equity contribution, EUR 10 million will be used to partially amortise the Bonds at par and the other EUR 10 million will be used for capital needs within the Group.

I am delighted to welcome LUSAT – an experienced aviation company – as new majority shareholder. Beside the new equity contribution there will also be synergies and benefit of scale for the Group going forward. This is very positive news for our customers and employees”, says Lars Jordahn, CEO of the Company.

The Company will call for a bondholders’ meeting by way of written procedure as soon as possible and by no later than 15 April 2019 in order for the bondholders to approve the transaction, the change of control and the offer from LUSAT.

Following approval of the transaction by the bondholders, the Company will immediately amortise the Bonds with EUR 10 million as being described above. The remaining claim under the Bonds will be transferred to a SPV entity. The SPV will issue a new bond (by a mandatory exchange of the Bonds) corresponding to the remaining claim (the “New Bond”) and will accede certain assets such as ATP aircraft, the ATP warehouse of the Company, rights to payments under certain lease agreements and certain Boeing 737-400, Boeing 737-300 and CRJ of which the latter will be repurchased in close connection herewith by LUSAT in an amount of EUR 25 million which will be used to amortise the New Bond issued by the SPV. The SPV will initiate a selling process as regards the ATP fleet and the amounts received from such sales will be used for amortisation under the New Bond. The New Bond will have a tenor of three years and an interest rate of 6.00 per cent. during the first year from issuance, 7.00 per cent. during the second year from issuance and 8.00 per cent. during the third year from issuance. In the event the bondholders will not be fully repaid from the assets transferred to the SPV, the bondholders will have a pledge related to LUSAT’s purchase price for the shareholders’ shares which amount to approximately SEK 270 million to be paid accordingly to a SPA concerning all shares owned by the Company’s shareholders before the equity increase.

Additional information will be provided in the notice to the written procedure.

Pareto Securities AB has been retained as financial advisor and Gernandt & Danielsson Advokatbyrå KB has been retained as legal advisor to the Company.

Mesana Capital has been retained as financial advisor to LUSAT.

Questions relating to the bond may be directed to Markus Wirenhammar, Mw@paretosec.com, +46 708 72 51 86, or your dedicated broker within Pareto Securities.

 

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 00

E-mail: goran.berglund@westatlantic.eu

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2019-04-09, 09:45 CET.

 

Press release 

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

West Atlantic AB (publ) has initiated discussions with a new potential shareholder and with certain major bondholders regarding refinancing of the group

West Atlantic AB (publ) (the “Company”, including its subsidiaries the “Group”), LUSAT, a holding company owning SWIFTAIR and AVIATION LEASING SPAIN (among other entities) (“LUSAT”) and certain major bondholders holding bonds in the Company’s outstanding bond loan with ISIN SE0007783840 (the “Bonds”) are discussing principal terms for a refinancing of the Group.

LUSAT has made an offer to the shareholders of the Company and the bondholders as regards the repayment of the Bonds (the “Offer”). The Offer includes several different features such as an equity injection in the company and pre-agreed assets to be allocated to the bondholders.

Provided that the transaction will materialise, a partial amortisation will be made to the bondholders and the remaining claim of the bondholders will be transferred to a SPV entity which will accede certain pledged assets under the Bonds and certain other assets and which will issue new bonds to the bondholders in exchange for the existing Bonds, with the purpose to reimburse the bondholders’ remaining claim by way of realisation of the assets held by the SPV.

The Offer is subject to more detailed discussions and certain conditions including approval by the bondholders at a written procedure and approval by the Company’s board of directors. Additional information will be provided once available.

 

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 00

E-mail: goran.berglund@westatlantic.eu

 

Pareto Securities AB has been retained as financial advisor by the Company, and questions relating to the bond may be directed to Markus Wirenhammar, Mw@paretosec.com, +46 708 72 51 86, or your dedicated broker within Pareto Securities.

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2019-03-18, 22:00 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

 

Press Release

West Atlantic Interim Report Q4, 2018

October – December

  • Revenue amounted to MSEK 533.2 (440.5) corresponding to a growth of 21.0 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 68.5 (66.4) corresponding to a margin of 12.8 % (15.1). EBITDA affected by both successful aircraft management transactions and by start-up costs from new contracts.
  • Earnings per share of SEK 0.41 (0.64).
  • The third B737-800BCF Next Generation Freighter, has been delivered to the Group.
  • The fourth B767-200SF aircraft was delivered to the Group.

 January – December

  • Revenue amounted to MSEK 1,813.1 (1,589.3) corresponding to a growth of 14.1 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 156.1 (126.3 ) corresponding to a margin of 8.6 % (7.9).
  • Earnings per share of SEK -0.82 (-2.28).
  • Capital contribution of additional MSEK 6.7 made by certain shareholders, in addition to the contributed MSEK 25.0 made during 2017. New share issue decided and registered in April.
  • Long term contract in place with one customer for operations of the four committed B737-800 aircraft, of which three were delivered during the period.
  • The Group sold four ATP aircraft including two aircraft managed through the collaboration agreement, in March. The sales contributed a significant income.
  • A new overdraft facility up to MSEK 75.0 was signed.

 

Key performance indicators for the Group

All figures in MSEK unless stated otherwise Oct – Dec Oct – Dec Jan – Dec Jan – Dec
  2018 2017 2018 2017
Financial metrics*        
Revenue 533.2 440.5 1,813.1 1,589.3
Revenue growth 21.0% 24.6% 14.1% 20.4%
EBITDA 68.5 66.4 156.1 126.3
EBITDA margin (%) 12.8% 15.1% 8.6% 7.9%
Net income 17.3 17.4 -35.2 -61.6
Cash and cash equivalents incl unused overdraft facility 144.4 173.4 144.4 173.4
Cash flow from operating activities 174.9 78.0 304.6 233.7
Earnings per share before dilution (SEK) 0.41 0.64 -0.82 -2.28
Net interest bearing debt / EBITDA** 4.4 5.0 4.4 5.0
Interest coverage ratio** 2.4 2.0 2.4 2.0
Equity / Asset ratio 3.0% 5.3% 3.0% 5.3%
Total assets 1,360.5 1,270.8 1,360.5 1,270.8
Operating metrics*
Fleet dispatch regularity 99.3% 99.3% 99.2% 99.4%
Performed flights 6,097 6,328 22,535 23,862
Aircraft in service (incl. wet leases) 42 42 42 42
Average employees 460 466 461 459
*Definitions of key performance indicators and other measures can be found at the end of this report. 
**Defined by the corporate bond loan WEST002 terms and conditions. See note 10 for more information. The loan was issued December 2015.

Full report available for download:

West Atlantic Interim Report Q4 , 2018 (English version)

West Atlantic Delårsrapport Q4, 2018 (Swedish version)

 

For further information, please contact:

CEO, Lars Jordahn, +46 (0) 10-452 95 95

CFO, Magnus Dahlberg, +46 (0) 10-452 95 49

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2019-02-28, 18:00 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.

 

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

West Atlantic announces change of CEO

The Board of West Atlantic has decided, in unison with its CEO, to make a change to the top position of the company. Mr. Fredrik Groth will step down effective immediately from the position of CEO and be replaced by Mr. Lars Jordahn.

During the past three years, under the leadership of Fredrik Groth, the company has expanded significantly, increasing revenue by almost 50% while expanding into new fleets, including the B737-800 Next Generation Freighter. The achieved growth has come at the expense of high costs, adding to an already high indebtedness. The company is now entering a new phase where the focus will be on reduction of leverage and improved profitability. As part of this change, it has been decided to bring in a new CEO to lead this process.

Lars Jordahn comes from a long career in aviation from positions within airlines like Amapola, DHL Aviation and TNT Airways. Recently he has been involved in the Company as consultant and Board member.

Mr. Göran Berglund, Chairman of the Board, added: “The decision for a change of chief executive has been mutual and the board wishes to extend its gratitude to Mr. Groth for his valuable contribution to the Group during his three years in office.”  Mr. Groth will remain attached to the Company in an advisory role during the period of transition.

 

For further information, please contact:

Göran Berglund, Chairman of the Board

Telephone: +46 (0) 10 452 95 00

E-mail: goran.berglund@westatlantic.eu

 

Press Release

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2019-01-29, 08:00 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

 

 

 

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

 

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

West Atlantic Interim Report Q3, 2018

July – September

  • Revenue amounted to MSEK 457.0 (380.3) corresponding to a growth of 20.2 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 12.2 (27.8) corresponding to a margin of 2.7 % (7.3).
  • Earnings per share of SEK -0.55. (-0.95).
  • The Group has signed a new overdraft facility up to MSEK 75.0 with a Swedish bank.
  • The second B737-800BCF Next Generation Freighter, has been delivered to the Group.
  • Due to a growing market interest for ATP aircraft outside Europe the Group has defined a large number of parked ATP aircraft where the decision is to sell them.

 

January – September

  • Revenue amounted to MSEK 1,279.9 (1,148.8) corresponding to a growth of 11.4 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 87.6 (59.9 ) corresponding to a margin of 6.8 % (5.2).
  • Earnings per share of SEK -1.22 (-2.93).
  • Capital contribution of additional MSEK 6.7 made by certain shareholders, in addition to the contributed MSEK 25.0 made during 2017. New share issue decided and registered in April.
  • Long term contract in place with one customer for operations of the four committed B737-800 aircraft, of which two were delivered during the period.
  • The Group sold four ATP aircraft including two aircraft managed through the collaboration agreement, in March. The sales contributed a significant income.

 

Key performance indicators for the Group

All figures in MSEK unless stated otherwise Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec
  2018 2017 2018 2017 2017
Financial metrics*          
Revenue 457.0 380.3 1,279.9 1,148.8 1,589.3
Revenue growth 20.2% 17.5% 11.4% 18.8% 20.4%
EBITDA 12.2 27.8 87.6 59.9 126.3
EBITDA margin (%) 2.7% 7.3% 6.8% 5.2% 7.9%
Net income -23.6 -25.8 -52.4 -79.0 -61.6
Cash and cash equivalents incl unused overdraft facility 152.9 111.7 152.9 111.7 173.4
Cash flow from operating activities 38.7 43.0 129.8 155.7 233.7
Earnings per share before dilution (SEK) -0.55 -0.95 -1.22 -2.93 -2.28
Net interest bearing debt / EBITDA** 4.9 6.2 4.9 6.2 5.0
Interest coverage ratio** 2.2 1.7 2.2 1.7 2.0
Equity / Asset ratio 1.7% 2.0% 1.7% 2.0% 5.3%
Total assets 1,267.7 1,252.7 1,267.7 1,252.7 1,270.8
Operating metrics*
Fleet dispatch regularity 99.5% 99.5% 99.2% 99.5% 99.4%
Performed flights 5,732 6,020 16,438 17,534 23,862
Aircraft in service (incl. wet leases) 43 44 43 44 42
Average employees 460 457 460 461 459
*Definitions of key performance indicators and other measures can be found at the end of this report. 
**Defined by the corporate bond loan WEST002 terms and conditions. See note 10 for more information. The loan was issued December 2015.

Full report available for download:

West Atlantic Interim Report Q3 , 2018 (English version)

West Atlantic Delårsrapport Q3, 2018 (Swedish version)

 

For further information, please contact:

CEO, Fredrik Groth, +46 (0) 10-452 97 09

CFO, Magnus Dahlberg, +46 (0) 10-452 95 49

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2018-11-30, 18:00 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

 

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

 

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

West Atlantic Interim Report Q2, 2018

April – June

  • Revenue amounted to MSEK 426.8 (376.5) corresponding to a growth of 13.4 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 13.1 (1.3) corresponding to a margin of 3.1 % (0.4).
  • Earnings per share of SEK -0.85. (-1.44).
  • Registration of new share issue was finalised in April, where the share capital increased by MSEK 15.9 to MSEK 42.9.
  • The world’s first B737-800BCF Next Generation Freighter, was delivered to the Group.
  • Bankruptcy for a technical service customer. MSEK 3.5 has been provisioned as for bad debt losses.

 January – June

  • Revenue amounted to MSEK 823.0 (768.5) corresponding to a growth of 7.1 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 75.4 (32.1) corresponding to a margin of 7.9 % (4.2).
  • Earnings per share of SEK -0.67 (-1.97).
  • Capital contribution of additional MSEK 6.7 made by certain shareholders, in addition to the contributed MSEK 25.0 made during 2017. New share issue decided and registered in April.
  • Long term contract in place with one customer for operations of the four committed B737-800 aircraft, of which one was delivered during the period.
  • Bankruptcy for a technical service customer. MSEK 3.5 has been provisioned as for bad debt losses.

Key performance indicators for the Group

 

All figures in MSEK unless stated otherwise Apr – Jun Apr – Jun Jan – Jun Jan – Jun Jan – Dec
  2018 2017 2018 2017 2017
Financial metrics*          
Revenue 426.8 376.5 823.0 768.5 1,589.3
Revenue growth 13.4% 17.9% 7.1% 19.5% 20.4%
EBITDA 13.1 1.3 75.4 32.1 126.3
EBITDA margin (%) 3.1% 0.4% 7.9% 4.2% 7.9%
Net income -36.4 -38.8 -28.8 -53.2 -61.6
Cash and cash equivalents incl unused overdraft facility 113.1 139.4 113.1 139.4 173.4
Cash flow from operating activities 39.2 105.1 91.0 112.7 233.7
Earnings per share before dilution (SEK) -0.85 -1.44 -0.67 -1.97 -2.28
Net interest bearing debt / EBITDA** 4.2 5.4 4.2 5.4 5.0
Interest coverage ratio** 2.4 1.9 2.4 1.9 2.0
Equity / Asset ratio 3.7% 4.1% 3.7% 4.1% 5.3%
Total assets 1,232.5 1,244.2 1,232.5 1,244.2 1,270.8
Operating metrics*
Fleet dispatch regularity 99.2% 99.7% 99.0% 99.5% 99.4%
Performed flights 5,328 5,533 10,706 11,514 23,862
Aircraft in service (incl. wet leases) 43 43 43 43 42
Average employees 456 460 456 463 459
*Definitions of key performance indicators and other measures can be found at the end of this report. 
**Defined by the corporate bond loan WEST002 terms and conditions. See note 10 for more information. The loan was issued December 2015.

 

Full report avialbale for download:

West Atlantic Interim Report Q2 , 2018 (English version)

West Atlantic Delårsrapport Q2, 2018 (Swedish version)

 

For further information, please contact:

CEO, Fredrik Groth, +46 (0) 10-452 97 09

CFO, Magnus Dahlberg, +46 (0) 10-452 95 49

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2018-08-30, 17:30 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

 

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

 

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

 

 

Working capital facility of MSEK 75 secured

West Atlantic AB (publ) has secured a new working capital facility of up to MSEK 75 in order to improve its financial position in support of continued growth.

Reference is made to West Atlantic AB (publ) (the “Issuer”) amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 1 February 2018 which permit any reputable bank, in their capacity as provider of the group’s working capital facility, to share the transaction security provided under the Issuer’s bond loan, where the bank will rank ahead in the waterfall up to a maximum amount of MSEK 75.

Revised terms and conditions are available on the Group’s home page, https://westatlantic.eu/category/corporate/

 

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-08-28, 15:30 CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press Release

Amended corporate bond terms & conditions for West Atlantic AB (publ)

Reference is made to West Atlantic AB (publ) (the “Issuer”) amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 1 February 2018.

Bond Terms and Conditions, amended 27 August

 

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press release from 2018 Annual General Meeting

West Atlantic AB (publ) held its Annual General Meeting (AGM) on June 26 in Gothenburg. At the AGM, the income statements and balance sheets of the Parent Company and the Group for the financial year 2017 were adopted. The AGM also approved the Board’s proposed allocation of profits and losses, with no dividend paid. The Board and CEO were discharged from liability for the financial year 2017.

The AGM resolved that, until the next Annual General Meeting, the Board will comprise six members. Göran Berglund, Tony Auld, Joseph Payne, Russell Ladkin, Lars Jordahn and Anders Ehrling were elected board members. Göran Berglund was re-elected Chairman of the Board. The AGM further resolved to re-appoint Grant Thornton Sweden AB as auditors.

The AGM approved an annual board fee of SEK 200,000 for each board member independent of the shareholders. For shareholding board members, or board members representing shareholders, the AGM resolved that no remuneration will be paid.

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-06-29, 17.30 CET.

 

 About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

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