Scandic Hotels secures financing to support expansion plan
Scandic Hotels Group has received Skr7.5bn ($776m) in new financing to support its ongoing expansion plans and provide additional financial headroom.
The facility runs for three years and includes options to extend the term by up to two further years.
Scandic said the framework will support its broader growth agenda, including the proposed acquisition of Dalata Hotel Group while “further strengthening” the group’s financial flexibility.
The financing package has been arranged by DNB and Nordea Bank ABP, filial i Sverige, which acted as coordinating bookrunners and mandated lead arrangers.
The funding was provided by a syndicate of relationship banks, including DNB, Nordea Bank ABP, filial i Sverige, Allied Irish Banks, Barclays Bank Ireland, NatWest Bank, Swedbank (publ) and Swedish Export Credit Corporation.
Scandic operates a network of approximately 320 hotels, totalling 68,000 rooms in operation and under development.
Umesh Ellichipuram