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      Tender offer of Samhällsbyggnadsbolaget i Norden AB
      TUESDAY, 21/11/2023 - Scope Ratings GmbH
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      Tender offer of Samhällsbyggnadsbolaget i Norden AB

      Scope understands that purchases under the tender offer will be done without curtailing the liquidity needed to address upcoming maturities.

      On 16 November 2023 Samhällsbyggnadsbolaget i Norden AB (SBB) announced a voluntary tender offer for all its outstanding euro-denominated senior unsecured and hybrid debt instruments up to a maximum purchase amount of EUR 600m, which will be concluded on the 22 November 2023 at 4 p.m. GMT. The tender offer is run as an unmodified Dutch auction with a minimum purchase price set by SBB for each debt instrument, and any acceptance of tendered instruments and the total amount used is at the sole and absolute discretion of SBB. In addition, the tender offer is subject to receiving the transaction proceeds of SEK 8bn from the EduCo transaction with Brookfield before the tender runs out.

      Scope is of the understanding that SBB is following through on its completion of the strategic review and the company’s guidance to proactively address liquidity concerns and short-term debt maturities with any proceeds generated from recent asset sales and the EduCo transaction. As such, Scope expects SBB to repurchase the upcoming short-term debt maturities in the tender offer. These short-term debt maturities include the 2024 (XS2438632874) and 2025 bonds (XS1993969515; XS2597112155). Scope expects purchases under the tender offer to be done without curtailing liquidity needed to address other upcoming maturities in a timely manner.

      Scope will closely monitor the result of the tender offer and assess its impact on the credit quality of the company.

      Scope maintains the current ratings of Samhällsbyggnadsbolaget i Norden AB under review for a developing outcome (issuer rating: CCC under review for a developing outcome; senior unsecured debt rating: B- under review for a developing outcome; subordinated (hybrid) debt rating: CC under review for a developing outcome and; the short-term debt rating: S-4 under review for a developing outcome).

      This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. Information about the latest credit rating action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

      The methodologies applicable for the reviewed ratings and/or rating Outlook (General Corporate Rating Methodology, 16 October 2023; European Real Estate Rating Methodology, 25 January 2023), are available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
      This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0. 
      Lead analyst Thomas Faeh, Executive Director

      © 2023 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, and Scope ESG Analysis GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin.

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