SAS has completed a SKr750 million ($85.6 million) tap of an existing SKr1.5 billion senior unsecured bond.

The bond's size now stands at SKr 2.25 billion, says the Scandinavian group. The note matures on 24 November 2022.

SAS adds that the Skr750 million tap priced at 102.5, translating into an effective interest rate of 4.73% to maturity.

The group had indicated in late May that it was considering increasing the bond's size.

Proceeds from the tap issue will be used to aid financial flexibility for aircraft investments, upcoming debt maturities and general corporate purposes, SAS indicates. The bond is listed on Nasdaq Stockholm.

"We are pleased with the interest from investors despite the general market turmoil, confirming the investors' continued confidence in SAS," states group treasurer Jan Torberger.

Danske Bank, Nordea Bank, SEB and Swedbank acted as joint lead managers and joint bookrunners for the transaction.

Source: Cirium Dashboard