Notice to holders of senior unsecured notes issued by Intrum AB (publ) with identifiers ("ISIN"): XS2211136168 / XS2211137059; XS2034925375 / XS2034928122; XS2052216111 / XS2052216202; XS2566292160 / XS2566291865; and XS2093168115
Notice
Reference is made to the press release issued by Intrum AB (“Intrum” and together with its subsidiaries, the “Group”) on 11 July 2024, announcing Intrum’s entry into a binding lock-up agreement with certain of its noteholders (“Lock-up Agreement”) (the “Announcement”). Unless given a different meaning in this announcement, terms defined in the Announcement shall have the same meaning when used herein.
Under the Lock-up Agreement holders of existing EUR notes subject to the Recapitalisation Transaction who accede to the Lock-up Agreement on or before 29 July 2024 (the “Early Bird Consent Fee Deadline”) will be entitled to receive a fee equal to 0.5% of the principal amount of Eurobonds held by such noteholder (the “Early Bird Consent Fee”).
Intrum is in discussions with many of its noteholders in relation to the Lock-up Agreement. To provide additional time for noteholders to review and accede to the Lock-up Agreement and benefit from the Early Bird Consent Fee, Intrum has obtained the consent of the Majority Core Noteholder Group to extend the Early Bird Consent Fee Deadline from 11.59 pm (London time) on 29 July 2024 to 11.59pm (London time) on 19 August 2024. Holders of existing EUR notes should accede to the Lock-up Agreement prior to such time to be entitled to the Early Bird Consent Fee.
Intrum is also pleased to report that negotiations with its revolving facility lenders are progressing constructively. Intrum expects the revolving facility lenders to accede to the Lock-up Agreement once negotiations are finalised.
Next Steps
As previously communicated, Intrum believes this Lock-up Agreement, and the agreed terms for the Recapitalisation Transaction, are the right step to significantly improve and strengthen its capital structure without impacting the Group’s business relationships, operations, suppliers and employees.
Therefore, Intrum encourages all their Noteholders to support the Recapitalisation Transaction and to accede to the Lock-up Agreement. Noteholders may find instructions on how to accede to the Lock-up Agreement by accessing Intrum’s website home page, or by accessing this link: https://www.intrum.com/investors/reports-presentations/lock-up-agreement/. If you experience any issues in accessing these instructions or the website they direct you to, or if your institution’s policies prevent you from completing and lodging documentation online, please contact the Information Agent at the email address below. Noteholders will be required to complete and execute an accession letter to the Lock-up Agreement and provide evidence of their beneficial holdings to the Information Agent.
For further information on the Lock-up Agreement, the Recapitalisation Transaction, and/or the Early Bird Consent Fee, please contact Houlihan Lokey who act as financial advisers to Intrum or PJT Partners who act as financial advisers to the noteholder ad hoc group at the email addresses below.
Contact Details
Kroll Issuer Services (as Information Agent): LD-intrum: intrum@is.kroll.com
Houlihan Lokey (as advisers to Intrum): Project_Indoor_HL@hl.com
PJT Partners (as advisers to the noteholder ad hoc group): Project_Impetus@pjtpartners.com
Media enquiries (Brunswick Group): intrum@brunswickgroup.com
DISCLAIMERS
This announcement was prepared solely for information purposes and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Likewise, it does not provide and should not be treated as providing investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Recipients should not consider it as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to change without notice.
No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained in this announcement. Neither the Group nor any of its advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this announcement or its contents.
This announcement may include forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms as “believe”, “expect”, “anticipate”, “may”, “assume”, “plan”, “intend”, “will”, “should”, “estimate”, “risk” and or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Group’s intentions, beliefs or current expectations concerning, among other things, the Group’s plans, objectives, assumptions, expectations, prospects and beliefs and statements regarding other future events or prospects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements reflect the Group’s current expectations, intentions or forecasts of future events, which are based on the information currently available and on assumptions made by the Group.
The forward-looking statements and information contained in this announcement are made as of the date hereof and the Group is under no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws. All subsequent written or oral forward-looking statements attributable to the Group, or persons acting on the Group’s behalf, included in but not limited to press releases, reports and other communications, are expressly qualified in their entirety by the cautionary statements contained throughout this press release.