Intrum AB (“Intrum” and together with its subsidiaries, the “Group”) is pleased to announce that, as of 16 September 2024 (lock-up deadline under the Lock-Up Agreement), noteholders holding more than 72% of Intrum’s senior unsecured notes, MTNs due 2025-2028 and senior unsecured private placement notes by value have signed Intrum’s Lock-Up Agreement to support the Group’s Recapitalisation Transaction (as defined in previous updates).
Intrum is also pleased to announce that noteholders holding more than 50% (but less than 90%) by value of the debt outstanding under the following MTN issuances have locked-up their notes, which means holders of these instruments will receive a 0.75% consent fee if the other conditions under the Lock-Up Agreement are met:
- SEK 1,100m MTNs due 2025
- SEK 1,250m MTNs due 2025 and
- SEK 1,000m MTNs due 2026
As a reminder, the Lock-Up Agreement binds consenting noteholders to support the Recapitalisation Transaction and Intrum has until the Long-Stop Time (as defined in the Lock-Up Agreement, being 31 March 2025, or, if a court-based restructuring has been launched and remains ongoing as at 31 March 2025, 31 May 2025) to finalise implementation of the Recapitalisation Transaction.
At this time, all implementation routes are still being considered and no decision has yet been made on which implementation route will be pursued. Updates will be provided in due course.
The Lock-up Agreement relates to senior unsecured notes, MTNs and senior private placement notes due 2025–2028 with the following identifiers ("ISIN"): XS2211136168 / XS2211137059; XS2034925375 / XS2034928122; XS2052216111 / XS2052216202; XS2566292160 / XS2566291865; and XS2093168115; SE0013105533; SE0013105525; SE0013104080; and SE0013360435.
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 Inquiries
Brunswick Group (as advisers to Intrum):
Azadeh Varzi, Partner
Freya Semken, Director
+44 (0) 20 7404 5959
Hedda Söderström, Associate
+46 (8) 410 32 180
intrum@brunswickgroup.com
DISCLAIMERS
This press release 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 press release. 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 press release or its contents.
This press release 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.