Intrum announces results of €50 million four-series tender offer

By William Gullotti

Buffalo, N.Y., Feb. 15 – Intrum AB detailed the results of its €50 million capped tender offer to purchase notes from four series, according to a notice on Thursday.

Intrum was 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. Additionally, it reserved the right to purchase more or less than the maximum acceptance amount and reserved the right to accept more or less (or none) of any series of notes compared to any other series, as previously reported.

The offer initially pertained to the following series, with pricing determined via an unmodified Dutch auction:

• €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.

The issuer will also pay accrued interest.

The offers expired at 11 a.m. ET on Feb. 14, and Intrum accepted an aggregate total of €68,795,000 of tendered notes for purchase from two of the four series, partially scaled for a total purchase consideration of €51,307,753.

The offering results broke down and priced as follows:

• €47,165,000 of the €850 million 4 7/8% senior notes due Aug. 15, 2025 were accepted for purchase without scaling at a weighted average price of 82.013, leaving €802,835,000 outstanding after settlement;

• €21.63 million of the €850 million outstanding 3% senior notes due Sept. 15, 2027 were accepted for purchase, with a 70% scaling factor, at a weighted average price of 58.375, leaving €828.37 million outstanding after settlement; and

• No notes from the €800 million 3½% senior notes due July 15, 2026 or €450 million 9¼% senior notes due March 15, 2028 were accepted.

Settlement remains scheduled to occur 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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