Scandic Secures Long-Term Robust Financing to Support Future Growth and Sustainability Goals

Monday, July 1, 2024

Scandic has successfully refinanced its credit facilities in collaboration with a consortium of banks, securing robust, flexible, and long-term financing aligned with the Group’s expansion strategy and solid financial standing. The credit facility is set at 3,250 million SEK with an option to increase to 3,750 million SEK upon agreement with the lenders. The new agreement will take effect on July 1, 2024, and will last for three years, with the option to extend for two additional years. This financing is tied to Scandic’s comprehensive sustainability strategy and specific goals.

“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. This financing is designed to accommodate all scenarios related to the convertible bond due in October,” says 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).