Swedish property group SBB offers to buy back more debt

SWEDISH real estate group SBB said on Monday (Mar 18) it will again offer to buy back hybrid and senior securities as it seeks to reduce its overall debt level.

Loss-making SBB, at the epicentre of a Swedish property crash, late last year spent 403.8 million euros (S$589 million) to buy back debt at a small discount to the nominal value.

The company in a statement on Monday set a Mar 22 deadline for bids.

“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. REUTERS