SBB - comment
SBB has SEK14bn of bank debt and SEK9bn of bond debt due by January 2025. The SEK5.7bn cash inflow is welcome for SBB and raises balance sheet cash above SEK8.5bn, but SBB still needs to execute the part sale/IPO of the Residential business this year and persuade Nordic banks to roll debt. The new JV will have SEK9.5bn of assets, with Castlelake/Atlas providing SEK5.4bn of debt (LTV60%). The cost of the secured loan is 7.5% (STIBOR+375bp), which underlines the cost of capital for SBB.