SBB’s CEO Says Swedish Landlord Needs to Raise More Capital: Q&A
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The chief executive of SBB, the company at the center of Sweden’s property crisis, says more capital will be needed despite the landlord securing 8 billion kronor ($720 million) in new funds from a deal with Canadian investor Brookfield Asset Management Ltd.
Samhallsbyggnadsbolaget i Norden AB — as the company is formally known — is scrambling to refinance about $1.3 billion of maturing bond debt by 2025 to avert a funding crunch. The credit rating on its debt is currently classified as “vulnerable to non-payment,” according to Standard & Poor’s. SBB CEO Leiv Synnes spoke to Bloomberg News first after announcing the deal with Brookfield on Sept 24. Comments have been edited for length and clarity.