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Commentary & Deal Flow

NEW ISSUE: Intrum E525m 5NC2 sr sec notes, pxg Fri

HYC European Market: Deal Flow - General


Issuer

Term

Call

Maturity

Size

Ranking

Type

INTRUM

5NC2

2y

06-Jul-31

€525m

Snr Sec

Fixed


  • Issuer: Intrum Investments and Financing AB (publ) (Ticker: INTRUM)
  • Business: Leading European debt collection platform. HQ: Stockholm, Sweden
  • Issue: Senior Secured 1.5 Lien Fixed Rate Notes due 2031
  • Size: €525m
  • Currency: EUR
  • Tenor: 5 years
  • Call Protection: NC2 (MWC B+50bp) (50%, 25%, par). Equity call: 2y 40%
  • Change of Control: investor put at 101
  • UoP: Together with SEK111m cash on balance sheet, to redeem its existing EUR511m (SEK5.590bn) 8% sr sec 1.5 lien notes due 09/11/27 (callable 07/24/26 at 100) and SEK172.603m (EUR16m) 8.00% sr sec 1.5 lien notes due 09/11/27 (callable 07/24/26 at 100) new money bonds, pay fees and expenses. Intrum has also launched an exchange offer to holders of the New Money Notes who are non-US persons to exchange their New Money Notes for a pro rata allocation of new notes. The exchange offer expires 07/10.
  • Governing Law: New York
  • Format: 144A / RegS. No reg rights
  • Listing: Luxembourg Stock Exchange (Securities Official List)
  • Denominations: €100,000 / €1,000
  • Corporate Ratings: B3 (sta.) / B- (pos.) (Moody's/S&P)
  • Issue Ratings: B2 / B+ (Moody's/S&P)
  • Clearing: Euroclear / Clearstream
  • Joint Global Coordinators and Physical Bookrunners: Deutsche Bank (B&D), DNB Carnegie
  • Global Investor Call: Investor Call today, Monday, 6th July, at 10:00 UKT / 11:00 CET
  • Registration Link: https://www.netroadshow.com/events/login/1PeTHmojEn2TLuNWetJFbssPmRO8WgtCVheRq
  • Roadshow Slides Link: www.netroadshow.com/nrs/home/#!/?show=2715b2f5
  • DealRoadshow Entry Code: Lift2026 (not case-sensitive)
  • Timing: pricing Friday, 10-Jul-2026 (concurrently with the expiration of the exchange offer)
  • Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document / DISC disclosure document has been prepared as not available to retail in EEA or the UK