By Paul A. Harris
Portland, Ore., July 24 – Sweden-based Intrum AB priced an upsized €600 million issue of five-year senior notes at par to yield 4 7/8% on Friday, according to a market source.
The issue size increased from €500 million.
The yield printed in the middle of yield talk in the 4 7/8% area.
“The successful completion of this bond issue is a testament to Intrum’s strong business and credit profile with a demonstrated resilience throughout the economic cycle,” said Anders Engdahl, chief financial officer of Intrum, in a Friday press release.
“In light of the ongoing Covid-19 pandemic we are satisfied having secured financing at these attractive terms and we view it as proof of continued high investor confidence,” he added.
“The issue will further strengthen Intrum’s solid balance sheet with an extension of our debt maturity profile,” Engdahl said.
Morgan Stanley was the lead.
The credit management company, which maintains headquarters in Stockholm, plans to use the proceeds to refinance a portion of its outstanding €750 million fixed-rate notes due 2022.
| Issuer: | Intrum AB
|
| Amount: | €600 million, increased from €500 million
|
| Tenor: | Five years
|
| Securities: | Senior notes
|
| Lead: | Morgan Stanley
|
| Coupon: | 4 7/8%
|
| Price: | Par
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| Yield: | 4 7/8%
|
| Call protection: | Two years
|
| Trade date: | July 24
|
| Settlement date: | Aug. 5
|
| Rating: | Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 4 7/8% area
|
| Marketing: | Roadshow
|
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