Commentary & Deal Flow

Intrum AB (publ) (INTRUM) ERU250m (up from EUR200m) 144A/Reg S add-on to its 4.875% sr notes due 08/15/25 (5y). NC2 (MWC B+50bp), then at 102.438, 101.219, 100. Equity claw: 2y 40% at 104.875. Existing Ba2/BB/BB. Via MS/GS/JPM/Nordea (jt Nordic coordinator)/SEB (jt Nordic coordinator)/BNPP/CS/Citi/Danske/DB/DNB/NatWest/Nykredit/Swedbank joint books. No reg rights. List Lux. NY law. Immediately 144A fungible (Reg S - ISIN: XS2211136168, after 40 days) with the EUR600m issue priced 07/24/20. Px talk: 100.50 area.EUR50m upsize UOP: paydown revolver.

Launched/Upsized: E250m at 100.75.

Did investor call at 8:30am UKT today. Books closed at 3:00pm UKT today. Reconfirm orders by 3:15pm UKT today. Pricing today. UOP: pay down revolver. Equity sponsor: Nordic Capital (47.4%). Biz: European credit management company providing services across the entire credit management value chain, including credit management services, debt collection and financial services. HQ: Stockholm, Sweden.