A&O Shearman advises arrangers on financing for Intrum AB's SEK 7.5 billion equity capital raise and EUR525 million senior secured notes issuance

Intrum is Europe's leading provider of credit management services, operating in 20 markets. Intrum enables sustainable payments by combining technology, empathy, and a human-centered approach. Intrum is headquartered in Stockholm, Sweden and publicly listed on Nasdaq Stockholm.

Intrum's equity capital raise comprised a fully committed directed issue of shares of approximately SEK1.5bn to selected investors and a fully underwritten rights issue of approximately SEK6bn. The two legs of the equity raise were structured on an interlinked basis, with a majority of the investors participating in the directed issue also undertaking to provide guarantee commitments for the rights issue, thereby using the directed issue both to broaden institutional ownership of the company and to help secure the rights issue's full underwriting.

In addition to the offering of the new senior secured notes, the debt offering also involved a concurrent exchange offer for the issuer's EUR- and SEK-denominated 8.00% senior secured notes due 2027, with the proceeds of the new notes offering used to redeem in full any outstanding principal amount of such notes that were not tendered in the exchange offer.

Deutsche Bank and DNB Carnegie acted as joint global coordinators and joint bookrunners on the equity offering and joint global coordinators and joint physical bookrunners on the debt offering.

Jeff Hendrickson, partner at A&O Shearman, commented: “This was a complex, multi-layered transaction that required careful coordination across both the equity and debt components. We are delighted to have supported Deutsche Bank and DNB Carnegie in delivering a successful outcome for Intrum, enabling the company to strengthen its capital structure and position itself for continued growth.”

The A&O Shearman team advising on the equity offering was led by partner Jeff Hendrickson in London and senior associate Katrien Wilmots alongside associate Arnaldo Mitola. The team advising on the debt offering was led by partner Brad Weyland and senior associate Eileen Burgess alongside associates Sonali Sharma and Arnaldo Mitola.