Intrum AB and its subsidiaries have completed a comprehensive and strategic recapitalisation transaction aimed at strengthening the company's balance sheet and securing its long-term financial stability. The transaction involves a restructuring of Intrum's existing debt portfolio of approximately EUR 4.48 billion and includes, among other things, an extension of loan maturities, write-downs of existing debt instruments, the injection of new capital from certain of the company's noteholders, and a share issue to existing noteholders. The recapitalisation transaction was implemented through a pre-packaged Chapter 11 process in the United States and a Swedish company reorganisation.
The transaction extended the term of Intrum's EUR 1.1 billion revolving credit facility, amended the terms of its EUR 90 million term loan facility, rescheduled and deleveraged its unsecured notes of approximately EUR 3.3 billion (equivalent). Intrum also received new financing of EUR 526 million from certain of its existing noteholders in the form of new notes. In addition, a new issue of shares corresponding to 10% of the share capital was carried out to the company's noteholders.
The recapitalisation transaction was implemented through a pre-packaged Chapter 11 process in the United States and a Swedish company reorganisation to ensure that the effect of the recapitalisation transaction was recognised globally. The recapitalisation transaction also involved an intra-group restructuring that required advice from England, Belgium, Denmark, Finland, France, Greece, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Switzerland, Slovakia, Spain, the Czech Republic, Germany, and Hungary.
Vinge has advised Intrum with a team consisting mainly of Mikael Ståhl, Fabian Ekeblad, and Anna Palmérus, together with Jenny Sandlund, Elin Samara, Oskar Nilsson and Ida Redander.
The team also included Malin Olsson, Kim Larsson, Alicia Olnäs, Olivia Carlsten, Oliwer Vidarsson (Restructuring and Insolvency), Arvid Weimers, Gabriel Chabo, August Ahlin, Rebecka Margolin, Katja Häglund (Banking and Finance), Anders Öhlin, Carl Lönnqvist, Robert Wikholm, Jacqueline Fritzson (Dispute Resolution), Rikard Lindahl (Capital Markets and Public M&A) and Viveka Classon (Financial Regulatory) among others.
Vinge has together with Milbank LLP advised Intrum in all aspects of the recapitalisation transaction.
