B3 Consulting issues SEK 250M bond to refinance acquisition-led debt
What's the deal? Swedish consulting firm B3 Consulting GroupDealroom has a profile for this one. Try Dealroom → has issued senior secured bonds totaling SEK 250m (about $25.8m) under a SEK 300m bond framework. The bonds carry a three-year maturity and a coupon of STIBOR plus 6%.
Why now? The issuance is tied to B3's plan to redeem its existing secured bonds early, using proceeds to call and de-list the outstanding notes at a premium. It is a balance-sheet clean-up rather than a one-off capital raise.
What's the endgame? B3 grows largely through acquisitions, and the refinancing supports that model. The company carries substantial earn-out obligations tied to its deals — research has cited total earn-outs of about SEK 250m through 2026 — making the ability to roll over debt central to its plans.
What could go wrong? The bond's STIBOR-linked coupon leaves B3 exposed to rising rates, adding cost to a leveraged, acquisition-driven structure. The new issue replaces a 2024/2027 bond that was itself topped up by a SEK 50m private placement in 2025.
The signal: Nordic mid-cap issuers frequently use secured bonds to fund M&A-driven expansion. B3's deal is notable less as fresh growth capital than as confirmation that investors remain comfortable funding its leveraged, acquisition-led model.
Read more: MarketScreener
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