Intrum launches upsized €450 million 9¼% long five-year notes at 97.02 to yield 10%

By Paul A. Harris

Portland, Ore., Dec. 7 – Intrum AB (Ba3/BB/BB) upsized its offering of 5.25-year senior notes to €450 million from €400 million following an earlier upsize from €300 million, according to market sources.

The deal launched with a 9¼% coupon at an original issue discount of 97.02 to yield 10%. The yield comes at the tight end of the 10% to 10¼% yield talk. The price comes near the cheap end of price talk that specified 2 points to 3 points of OID.

Final terms are expected to print later on Wednesday.

Goldman Sachs, Citigroup and SEB are the leads.

The Rule 144A and Regulation S notes come with two years of call protection.

The Stockholm-based credit management and financial services provider plans to use the proceeds to partially refinance its 3 1/8% senior notes due 2024.

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