John D. Paton and Alon Gurfinkel advise on SAS AB Rights Offering

[private]Davis Polk & Wardwell advised J.P. Morgan Securities Ltd., Skandinaviska Enskilda Banken AB and Nordea Bank AB as joint lead managers and joint bookrunners of an underwritten rights offering of up to 2,303,000,000 ordinary shares of SAS AB. Danske Markets (Division of Danske Bank A/S) and DnB NOR Markets, an entity within DnB NOR Bank ASA, acted as co-lead managers in the offering. The offering, which was over-subscribed, raised gross proceeds of approximately SEK 6 billion for SAS. The offering included public offerings in Denmark, Norway, Sweden and the United Kingdom and private placements to institutional investors outside these countries.

Based in Sweden, SAS is operating passenger flights on an extensive Nordic, European and intercontinental route network as well as providing cargo and other aviation services at selected airports in its route network. SAS is a member of the Star Alliance, the world’s largest airline alliance with 24 member airlines. In connection with the rights offering, SAS launched a renewed strategic approach to increase profitability.

The Davis Polk corporate team included partner Paul E. Kumleben and associates Anna Tikkanen, Connie I. Milonakis and Chin W. Lee of the London office and Leo Borchardt of the Frankfurt office. Partner John D. Paton and associate Alon Gurfinkel of the London office provided tax advice. Rachel Sterling and Haniya H. Mir were the legal assistants on the transaction.[/private]