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Intro, Cap and Legal Structure-29 Sep 23

Industry Description - 29 Sep 23

Inflation and ERC - 29 Sep 23

Financials - 29 Sep 23

Sum of The Parts - 29 Sep 23

Investment Discussion - 29 Sep 23
The latest tender offer, at an average price of 94c/€ was entirely taken up by the €-denominated ‘27s that now have a
We are reading that Intrum is starting a second tender offer for its bonds this month. This time, the maximum volume is a little
The tender was popular. Intrum had applied a waterfall of priorities between the bonds, prioritising the front end and the
Intrum are buying back €75m of SSNs, not in pro rata amounts between them, but instead with a waterfall of priorities at
Management will include weighing up possible further liability management in the upcoming strategic review. Q3 was soft, with
T’is done. At 94.4c/€, bondholders tendered 10x more bonds (half the outstanding) than the €250m in play and the scaling factor was
The succinct message from your favourite debt collector today is as per our commentary: "Intrum has today been informed that
Intrum have disclosed that Masih Yazdi, formerly CFO of SBB, will be joining to fulfil the same role for the freshly restructured
94.4 c/€ is the price at which Intrum uses its tenders for notes from the stash provided by the New Money Notes that’s currently
Even though fundamentally this is only an incremental update - beyond the admirable cost control, we find few incremental insights - this is a major update financially. Following the conclusion
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Sarria’s quote is reproduced below as featured in Debtwire’s latest piece: “Intrum delivers strong Servicing EBIT margin as haircut to reduce debt burden”
President and CEO Andres Rubio has stepped down following the conclusion of the restructuring and delivery of the Q225 results. Johan Akerblom, CFO, will be
The company this morning surprised us positively with good cost discipline. We had more than half expected that the recent central cost had been
Please find our updated analysis of Intrum here.
As the originally laid out time frame for the restructuring is coming to an end and competitor Lowell is exchanging instruments, we have brushed up on
It is odd to see the deadlines being postponed again. We don’t know the detail, but note the growing chatter about a group of accounts perhaps