OSLO (Reuters) – Swedish real estate group SBB said on Thursday it would offer to buy back some of its hybrid debt and senior securities at a price that will be set via an auction.
Loss-making SBB is at the epicentre of a Swedish property crash, having racked up vast debt by buying public real estate, including social housing, government offices, schools and hospitals.
“The purpose of the offers….
is, amongst other things, to proactively manage SBB’s balance sheet. Simultaneously, the offers will enable SBB to manage its overall wholesale funding level and better optimise its future interest expense,” it said.
(Reporting by Terje Solsvik, editing by Louise Rasmussen and Essi Lehto)
