Commentary & Deal Flow

IPTs: 5NC2: 7-7.25%

• 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: €525,000,000
• Exchanged amount: €133,139,000
• Amount to be raised: €391,861,000
• IPTs: 7-7.25%
• 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-Nov-27 (callable 24-Jul-26 at 100) and SEK172.603m (EUR16m) 8.00% sr sec 1.5 lien notes due 09-Nov-27 (callable 24-Jul-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 10-Jul-26.
• 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/B- (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: Held on 06-Jul-26 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: Today's business
• 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