Commentary & Deal Flow

Intrum AB (publ) (INTRUM) EUR250m (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. Expect 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. Settles 09/21 (T+3). 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.

Priced: 4.875% at 100.75, 4.704% YTM. +542.73bp vs DBR 1.00% 08/15/25.

Did investor call at 8:30am UKT today. Books closed at 3:00pm UKT today. Orders were to be reconfirmed by 3:15pm UKT 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.