Debt collector Intrum's creditors agree to binding negotiations over refinancing
HELSINKI, July 11 (Reuters) -Intrum INTRUM.ST said on Thursday it had entered a binding lock-up agreement with a group of its creditors, a few weeks after Europe's biggest debt collector lined up a recapitalisation and refinancing deal with bondholders.
The Swedish company has struggled as the pandemic, an energy crisis and two-decade-high interest rates failed to unleash a wave of loan defaults, with investor concerns mounting over Intrum's 60 billion crown ($5.7 billion) pile of debt.
The creditors that have entered the lock-up agreement jointly hold more than 50.1% of Intrum's senior unsecured notes and medium term notes due between 2025 and 2028, the company said in a statement.
Companies often use lock-up agreements to prevent insiders from selling shares simultaneously following an IPO, thereby flooding the market and depressing the stock price.
Intrum in March appointed advisers to help improve its debt structure.
The company added that other creditors who wanted to support the recapitalisation plan and receive consent fees in exchange could join the lock-up agreement.
The deal includes newly issued notes worth 526 million euros, amending existing debt, consent fees and amending and extending a revolving credit facility, Intrum said.
($1 = 10.5450 Swedish crowns)
Reporting by Essi Lehto; editing by Jason Neely
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