Intrum offers to buy notes from four series for up to €50 million

By Marisa Wong

Los Angeles, Feb. 7 – Intrum AB is inviting holders of its outstanding notes from four series to tender their notes for purchase for cash, up to a maximum acceptance amount, according to a notice.

Intrum is proposing to accept up to an aggregate principal amount of notes so that the total purchase consideration for notes tendered and accepted does not exceed €50 million.

The company said it reserves the right to purchase more or less than the maximum acceptance amount and reserves the right to accept more or less (or none) of any series of notes compared to any other series.

The offer covers the following series:

• €850 million outstanding 4 7/8% senior notes due Aug. 15, 2025 with a first par call date on Aug. 15, 2024 (ISIN: XS2211136168, XS2211137059), with a minimum purchase price of 79.25;

• €800 million outstanding 3½% senior notes due July 15, 2026 with a first par call date on July 15, 2024 (ISIN: XS2034925375, XS2034928122), with a minimum purchase price of 63.75;

• €850 million outstanding 3% senior notes due Sept. 15, 2027 with a first par call date on Sept. 15, 2024 (ISIN: XS2052216111, XS2052216202), with a minimum purchase price of 58.375; and

• €450 million outstanding 9¼% senior notes due March 15, 2028 with a first par call date of Dec. 15, 2026 (ISIN: XS2566291865, XS2566292160), with a minimum purchase price of 67.5.

Pricing will be determined through an unmodified Dutch auction.

The issuer will also pay accrued interest.

The issuer will accept for purchase all notes tendered under non-competitive tender instructions – those that do not specify an offer price or specify a price at or below the minimum price – if it accept for purchase any notes tendered under competitive tender instructions – those that specify an offer price above the minimum price.

Tenders may be subject to proration.

Tenders are due by 11 a.m. ET on Feb. 14.

Results and pricing will be announced on Feb. 15.

Settlement is expected to be on Feb. 19.

Citigroup Global Markets Europe AG (+44 20 7986 8969; liabilitymanagement.europe@citi.com) is acting as dealer manager for the offers.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson / Alessandro Zorza; intrum@is.kroll.com; https://deals.is.kroll.com/intrum) is acting as tender agent.

Intrum is a Stockholm-based credit management company.

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