Milbank Advises Intrum on Its SEK 7.5B Capital Raise and €525M Senior Secured Notes Issuance, Exchange Offer and Consent Solicitations

Milbank LLP advised Intrum AB (publ) (“Intrum”), a leading European credit management and financial services company, on a series of landmark transactions forming a core part of Intrum’s broader recapitalization and deleveraging strategy. The transactions comprised (i) a capital raise of SEK 7.5 billion, (ii) an offering of €525 million 7.000% senior secured notes due 2031 (the “New Notes”) and concurrent exchange offer targeting non-US holders of Intrum’s 8.000% senior secured notes due 2027 (the “2027 Notes”) and (iii) the solicitation of consents from creditors under each of Intrum’s existing debt instruments.

Intrum successfully completed its capital raise on July 1, 2026, raising approximately SEK 7.5 billion through a fully guaranteed SEK 6 billion rights issue and an accompanying directed share issue of SEK 1.5 billion. The proceeds of the capital raise are expected to support Intrum’s deleveraging strategy, sustainable growth through disciplined new portfolio investments and selective acceleration of efficiency and performance initiatives.

The issuance of the New Notes by a subsidiary of Intrum and concurrent exchange offer successfully closed on July 24, 2026. The offer of New Notes was launched simultaneously with the exchange offer to non-US holders of the 2027 Notes providing eligible holders the opportunity to tender 2027 Notes for New Notes. The proceeds of the New Notes, together with cash on balance sheet, were used to redeem in full the outstanding aggregate principal amount of 2027 Notes not validly tendered and accepted as exchange consideration pursuant to the exchange offer.

Milbank also advised Intrum on securing creditor approval for amendments necessary to facilitate the broader strategy of the group in parallel with the equity offering and the issuance and exchange offer, soliciting consents in connection with the Issuer’s outstanding debt instruments, including its revolving credit facility and term loan and 10 series of senior secured notes.

Taken together, the transactions aim to strengthen Intrum’s financial position and create a solid foundation for ongoing growth and value creation by extending Intrum's maturity profile, reducing its cost of debt, and further optimizing its capital structure.

Milbank provided support to Intrum across multiple practice groups. The team was led by Corporate Finance and Securities partners Apostolos Gkoutzinis and David Dixter, and Financial Restructuring partner Sarah Levin and included European Leveraged Finance/Capital Markets partners Rebecca Marques and Alexandra Grant, special counsel Cheyne Cudby and Luwam Mezue, and associates Irene Mainar Borao, Alexandros Makris, Obinna Mezzu, Andrew Wells and law clerk Federico Costantino.