SBB Bond Swap Hailed as Success After 95% of Creditors Agree (1)

Swedish landlord SBB took a major step toward stabilizing its finances after 95% of its bondholders agreed to swap their existing securities into new notes totaling €2.8 billion ($2.94 billion).

The exchange offer was hailed a success by Chief Executive Officer Leiv Synnes. “We had faith in the majority of our bondholders,” he said in an interview following the announcement.

SBB Class B shares subsequently rose 19% in early morning trading, the most in seven months.

Samhallsbyggnadsbolaget i Norden AB — as the group is formally known — offered bondholders the opportunity to swap, in part to put creditors ...