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Debt Investors

Financing Policy

Intrum Justitia’s Group Treasury aims to secure a diversified funding base to assure access to funds and support the Group’s business opportunity. Financing is to the extent possible made in local currency to minimize currency effects in the P/L, in combination with currency borrowings financial derivatives is used to match Intrum Justitia’s assets. The Treasury activities are centralized to, as efficiently as possible, manage the cash, exploit economies of scale and optimize the Group’s financial net. All financial transactions are carried out within, by the board, established risk mandates and limits.

Further to the funding sources mentioned below Intrum Justitia have a syndicated Revolving Credit Facility (RCF) of EUR 1.1bn signed in June 2017 with a termination date 4.5 years after the completion of the Lindorff merger . The RCF will be used for general corporate purposes including portfolio purchases and smaller M&A transactions. 

Intrum Justitia regularly looking for access to a diversity of funding sources, hence Intrum Justitia, from time to time, utilize bilateral funding opportunities. As at 30 June 2017 Intrum Justitia have EUR 160m outstanding in Private Placements.


Maturity profile


credit Rating

A credit rating is an assessment of a company’s ability to fulfill its financial obligations. To maintain a robust financial platform for growing and supporting Intrum Justitia’s business an external rating is an necessity in the international financial markets to attract funds at attractive levels. Intrum Justitia regularly have management meeting with the credit analysts of the agencies to give an accurate picture of Intrum Justitia’s credit and business outlook. 

Agency Corporate Rating Outlook Date Link to rating report
S&P BB+ Stable 17.06.12 Download
Moody's Ba2 Positive 17.06.12 Download
Fitch BB Positive 17.06.29 Download

 


Bonds

 

Senior Euro Floating rate Notes 2022

Senior Euro Fixed Rate Notes 2022

Senor Euro Fixed Rate Notes 2024

Senior SEK Floatring Rate Notes 2022

Issuer

Intrum Justitia AB (publ)

Distribution

Rule 144A / Regulation S (withouth registration rights)

Maturity

July 15, 2022

July 15, 2022

July 15, 2024

July 15, 2022

Aggregate Principal Amount

€ 300 million

€ 1,500 million

€ 900 million

SEK 3,000 million

Coupon

3m EURIBOR (with 0% floor), plus 2.625%

2.750%

3.125%

3m STIBOR (with 0% floor), plus 2.750%

Interest payment dates

Jan 15, Apr 15, Jul 15 and Oct 15, commencing Oct 15 2017

Jan 15 and Jul 15, commencing Jan 15 2018

Jan 15 and Jul 15, commencing Jan 15 2018

Jan 15, Apr 15, Jul 15 and Oct 15, commencing Oct 15 2017

First Call

July 15 2018

July 15 2019

July 15 2020

July 15 2018

Special Optional Redemotion

At any time prior to July 15, 2018 the Issuer may redeem up to €300 million equivalent in aggregate principal amount of the Notes on an approximate pro rata basis across all series of Notes with the net cash proceeds of Required Disposals, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest to the redemption date and additional amounts, if an

ISIN Reg S / Rule 144A

XS1634529363 / XS1634531930

XS1634531344 / XS1634532318

XS1634532748 / XS1634534017

XS1634534520 / XS1634534876

Listing / Delivery

Irish Stock Exchange / Euroclear

 


Swedish mtn program

Since February 2012 Intrum Justitia has issued bonds on the Swedish market within under a MTN (Medium Term Note) Program. Currently Intrum Justitia has SEK 2 billion outstanding under the MTN Program, which has a maximum total allowance of SEK 5 billion.

The bonds are listed on Nasdaq Stockholm

http://www.nasdaqomxnordic.com/bonds/sweden/ 

Intrum Justitia Updated MTN Prospectus 

Prospectus 2016-06-03

Final loan agreement

Final loan agreement 102

Final loan agreement 104

Final loan agreement 105 


Commercial paper

As a way to diversifying the base of our capital structure, lower the funding cost and for liquidity management, Intrum Justitia has the possibility to raise 1.5 BSEK in short term funding under its commercial paper program. The current borrowing level under the program amounted to 1 360 MSEK as per March 31, 2017.


credit Analysts

Nordea Rickard Hellman,  + 46 (0) 8 614 87 26
rickard.hellman@nordea.com 

Swedbank  Mikael Busch +46 (0) 8 700 91 54
sven.skold@swedbank.se