Intrum to repurchase EUR 68.8 million of issued senior notes as a further step to strengthen financial profile
Intrum AB announces the outcome of the tender offers to the holders of certain senior notes issued by the company. Following the offers, Intrum will repurchase senior notes at an amount 75 percent of nominal value, corresponding to EUR 51.3 million. The repurchase follows Intrum’s previously communicated ambition to strengthen its financial profile.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA OR TO ANY U.S. PERSON OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
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The repurchases relate to Intrum’s senior notes with ISIN XS2211136168 / XS2211137059, and XS2052216111 / XS2052216202 maturing in 2025 and 2027 respectively. The repurchased senior notes will correspond to a nominal value of EUR 68.8 million, representing approximately 4.0 percent of the total outstanding nominal amount.
“The decision to repurchase senior notes is made following our communicated ambition of reducing leverage and de-risking our financial profile. The tactical EUR 51.3 million repurchase of senior notes at a discount allowed us to reduce debt by EUR 68.8 million, creating a capital gain of EUR 17.5 million. In addition, we expect total interest savings of EUR 5.8 million for a total economic benefit exceeding EUR 23 million. We will continue to prioritize initiatives that strengthen our financial position going forward,“ says Andrés Rubio, CEO and President of Intrum.
Settlement for the tender offers is expected to occur on 19 February 2024.
For further information, please contact:
Emil Folkesson, Head of CFO Office & Investor Relations Director
ir@intrum.com
No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement come(s) are required by the company to inform themselves about, and to observe, any such restrictions.
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, revenues 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.
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