Intrum : Update on Refinancing Process and Business Plan

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Published: 2024-06-20 09:20:00 CEST Intrum Inside information Update on Refinancing Process and Business Plan Intrum AB (the "Company") confirms that it has been in negotiations with a creditor group, primarily consisting of long-dated bondholders, with respect to the key terms of a potential refinancing and recapitalisation transaction. The negotiations have resulted in the Company and certain noteholders agreeing a commercial term sheet in principle the "Potential Transaction". Intrum AB (the "Company") confirms that it has been in negotiations with a creditor group, primarily consisting of long-dated bondholders, with respect to the key terms of a potential refinancing and recapitalisation transaction. The negotiations have resulted in the Company and certain noteholders agreeing a commercial term sheet in principle (the "Potential Transaction"). The terms of the Potential Transaction will provide a robust capital structure and deliver a substantial deleveraging of Intrum's balance sheet to support long-term sustainable growth. The terms include, among others: a reduction of commitments and maturity extension of the company's revolving credit facility; the repayment at maturity of all debt maturing in 2024 and the Company's secured term loan maturing in 2025; reinstatement at 90% of all the Company's other financial debt maturing between 2025 and 2028 into one or more instruments with new maturities between 2027 and 2030 in exchange for uplift in economics, including 10% of the equity of the Company; and €400m new money facility to be used for discounted buybacks of the Company's notes debt. All terms remain subject to documentation and to agreement with the Company's revolving credit facility lenders. While the company and its advisors are taking the necessary steps to implement the Potential Transaction, the Company is continuing to explore all available options and is in receipt of other financing proposals. In particular, Intrum is also involved in ongoing discussions regarding an alternative transaction with another creditor group, primarily consisting of near-dated bond holders. No agreement in principle has yet been reached with the creditor group in respect of the Alternative Transaction and the Company continues with discussions. Further details on the terms of the Potential Transaction, and the Refinancing Process and Business Plan are available here. For further information, please contact: Emil Folkesson, CFO Office and Investor Relations Director [phone] [e-mail] Intrum is the industry-leading provider of Credit Management Services with a presence in 20 markets in Europe. By helping companies to get paid and support people with their late payments, Intrum leads the way to a sound economy and plays a critical role in society at large. Intrum has circa 10,000 dedicated professionals who serve around 80,000 companies across Europe. In 2023, income amounted to SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and publicly listed on the Nasdaq Stockholm exchange. For more information, please visit www.intrum.com. This information is information that Intrum is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-06-20 09:20 CEST. Attachments: Appendix Update on Refinancing Process and Business Plan.pdf Update on Refinancing Process and Business Plan.pdf This news release was distributed by Company News System, www.nasdaqomxnordic.com/news/marketnotices To subscribe on regulatory news from this company, go to the subscription page