Embattled Swedish landlord Samhallsbyggnadsbolaget i Norden AB, also known as SBB, said it would use proceeds from an asset sale to Brookfield Asset Management to buy back some of its bonds at discounted prices.

The tender offer envisages prices as low as 15 cents on the euro for some of company’s hybrid securities to 95 for short-dated bonds issued by SBB Treasury Oyj and due in February, according to a filing issued on Thursday. SBB is willing to buy back bonds worth a a maximum of €600 million ($651 million), the filing stated.

The move — conditional on the completion of the stake sale to Brookfield — is the latest step taken by the landlord to address its multi-billion euro debt pile, which has become increasingly difficult to service amid rising interest rates. It comes days after one of the company’s bondholders, US hedge fund Fir Tree Partners, sent a letter to SBB claiming it was in breach of a key debt term and demanding its money back.

“The purpose of the offers in respect of the Securities is, amongst other things, to proactively manage SBB’s balance sheet,” said the company in a statement on Thursday. “Simultaneously, the offers will enable SBB to manage its overall wholesale funding level and better optimise its future interest expense.”

Read more: SBB Will Only Use Half of Cash From Brookfield Deal for Debt (1)

The buyback is going to be funded with the proceeds of the sale of a 1.16% stake SBB holds in its education subsidiary EduCo AB to Brookfield. At the same time, EduCo would effect a partial repayment of an inter-company loan to SBB.

Bondholders willing to accept the offer have to accept by 4pm London time on Nov. 22.