Hotel operator Scandic Hotels is offering to repurchase outstanding convertibles for a maximum nominal amount of SEK 600 million for cash consideration, according to a press release. The stock is rising after the announcement.

The company has outstanding convertibles of nominal SEK 1.8 billion that mature in October 2024. 

The buyback of the convertibles will be carried out through a modified Dutch auction procedure. The offer expires on 15 November at 5:00 p.m. The settlement date for the offer is around 21 November. 

The hotel operator's shares rose 4.4 percent in initial trading on the Stockholm Stock Exchange.

Source: FinWire