Intrum wins support for refinancing from 67% of noteholders (updated)

Intrum AB

30/08/2024 06:46

(Adds background, detail of planned recapitalisation in
paragraphs 2-6)
       OSLO, Aug 30 (Reuters) - Swedish debt collector Intrum
 INTRUM.ST  has received support from more than two-thirds of
its noteholders for a planned refinancing, the minimum level
required to go forward with the scheme, the group said on
Friday.
    Intrum said in July it was hoping for 90% support for the
plan, as this would enable it to speed up the process, and in a
statement on Friday said it would continue to seek backing from
more noteholders in the coming days.
        The Swedish company has 
    struggled
     as the pandemic, an energy crisis and two-decade-high
interest rates failed to unleash a wave of loan defaults, with
investor concerns mounting over Intrum's 49 billion Swedish
crowns ($4.79 billion) debt pile.
  
        Intrum in March 
    appointed advisers
     to help improve its debt structure, leading to the proposed
recapitalisation that needed at least 66.67% support from
noteholders in order to be implemented.
  
        A deadline for noteholders to sign up to the scheme and
receive a fee equal to 0.5% of their eurobonds has now been
extended to Sept. 2, Intrum said.
  
        The company on Aug. 15 
    said
     76% of its so-called revolving credit facility (RCF)
lenders had also backed the recapitalisation plan.
  
        
  

($1 = 10.2194 Swedish crowns)

 (Reporting by Terje Solsvik, editing by Stine Jacobsen)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70;))