Scandic Hotels Group has successfully refinanced its credit facilities, securing robust, flexible, and long-term financing to support its growth strategy. The company collaborated with a consortium of banks to secure a credit facility of 3,250 million SEK, with an option to increase to 3,750 million SEK upon agreement with the lenders. This financing is aligned with Scandic’s comprehensive sustainability strategy and specific goals.
The new agreement, which takes effect on July 1, 2024, will last for three years with the option to extend for two additional years. This financing is designed to accommodate all scenarios related to the convertible bond due in October. “Scandic has rebounded strongly post-pandemic, and we now have an ambitious growth plan coupled with a strong financial foundation. It is therefore very satisfying to have secured long-term financing that supports our objectives and also offers lower financing costs.” said Pär Christiansen, Chief Financial Officer at Scandic Hotels Group.
Nordea Bank Abp, filial i Sverige, served as the agent and documentation agent, while DNB Markets, part of DNB Bank ASA, Sweden Branch, and Nordea Bank Abp, filial i Sverige acted as sustainability coordinators. The lenders included DNB Sweden AB, Nordea Bank Abp, filial i Sverige, and Aktiebolaget Svensk Exportkredit (publ).
