Bakkegruppen secures refinancing through asset sale, debt restructuring

Bakkegruppen has finalized agreements for the sale of three apartment projects, with an option for an additional project, to Scandinavian Property Group. This transaction will provide liquidity and reduce future land purchase obligations, with completion expected by year-end 2025.

Concurrently, the company's banks have granted a new loan of NOK 150 million, earmarked for partial redemption of Bakkegruppen's bond loan. The remaining bonds will be converted into preference shares, which offer priority annual dividends, are non-voting, and can be redeemed by the company at pre-agreed prices. This bond conversion is anticipated by November 17, 2025.

The comprehensive restructuring will reduce total interest-bearing debt by approximately NOK 480 million, significantly lower annual financial costs, and strengthen booked equity. This also involves an ownership change, with current owners retaining 51% of ordinary voting shares, banks acquiring 40%, and employees receiving the remaining 9%.