Scandic Hotels : Capital increase announced, strong dilution expected; Reduce rating maintained
>Capital increase and a new credit line for total amount of SEK 2.9bn - Scandic announced new financing amounting to SEK 2.96bn in fresh money comprising a SEK 1.75bn capital increase and a new credit line of SEK 1.15bn. These announcements support the steps already taken by the management, which mainly include a cost savings plan (notably at the level of payroll costs, reducing the group’s non-rent costs by nearly 70% from April) and the cancellation of the dividend,...Scandic Hotels Group AB is a Sweden-based company engaged, along with its subsidiaries, in the operation of hotels. The Company's main market in which the Group operates in: Sweden, which includes Swedish hotels that are operated under the Scandic brand; Norway, which includes Norwegian hotels that are operated under the Scandic brand, and Other Nordic countries & segments include hotel operation in Belgium, Denmark, Finland, the Netherlands, Poland and Germany, as well as the hotel concept HTL, which is operated by the sub-group HTL Hotels. The Company operates a network of approximately 224 hotels and almost 42,000 hotel rooms in seven countries. Scandic Hotels Group AB is a wholly owned subsidiary of Sunstorm Holding AB.
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