Incremental news this morning. Intrum management today resolved on the second part of its directed rights issue. Following the
Read MoreFurther to the thesis that Intrum would take out its 8% 1.5 Lien bonds first, the company is out offering a €525m 2031 bond to
Read MoreNo impact on the bonds. Now that the monies from its rights issues have been received, Intrum will proceed with the offloading of
Read MoreBonds should not move much this morning on what is merely a confirmation that Intrum’s rights issue is now complete. The SEK 6bn in
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It’s only incremental for the bonds this morning. The company’s announcement of concrete details on its fully underwritten rights issue concern really only
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Bonds to move to par, but not far above. Intrum announced a 2-tier rights issue this morning with a combined SEK 7.5bn Guaranteed Raise. Maturities from
Read MoreShares dropped yesterday, apparently on the news at the AGM that the company would not be paying a dividend. While we are still wondering if
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We are taking the short off this morning. Following the news that Cerberus had bought Intrum’s minority stake in the JVs, we had shorted the
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The Intrum Idea Pitch video is now available.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.
We are shorting the 2027 Euro bonds at 96.75, going into the strategic review that the company is to unveil at the end of the month. Looking across to
Read MoreThe latest tender offer, at an average price of 94c/€ was entirely taken up by the €-denominated ‘27s that now have a
Read MoreWe are reading that Intrum is starting a second tender offer for its bonds this month. This time, the maximum volume is a little
Read MoreThe tender was popular. Intrum had applied a waterfall of priorities between the bonds, prioritising the front end and the
Read MoreIntrum are buying back €75m of SSNs, not in pro rata amounts between them, but instead with a waterfall of priorities at
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Management will include weighing up possible further liability management in the upcoming strategic review. Q3 was soft, with
Read MoreT’is done. At 94.4c/€, bondholders tendered 10x more bonds (half the outstanding) than the €250m in play and the scaling factor was
Read MoreThe succinct message from your favourite debt collector today is as per our commentary: "Intrum has today been informed that
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