Swedish Landlord SBB Plans to Sell New Bonds at Housing Unit (1)

Struggling Swedish landlord SBB is preparing to lay the groundwork for an initial public offering of its entire residential portfolio by shifting bond debt from the parent level down into Sveafastigheter AB.

Samhallsbyggnadsbolaget i Norden AB — as the company is formally known — is inviting existing bondholders to exchange their notes for a new issue sold by the residential unit totaling no more than 2.5 billion Swedish kronor ($240 million), according to a statement on Thursday.

Holders across 18 of SBB’s outstanding bonds can participate in the offer by accepting new notes in euros or kronor from Sveafastigheter. ...