Intrum wins support for refinancing from 67% of noteholders
Adds background, detail of planned recapitalisation in paragraphs 2-6
OSLO, Aug 30 (Reuters) -Swedish debt collector Intrum INTRUM.ST has received support from more than two-thirds of its noteholders for a planned refinancing, the minimum level requiredto go forward with the scheme, the group said on Friday.
Intrum said in July it was hoping for 90% support for the plan, as this would enable it to speed up the process, and in a statement on Friday said it would continue to seek backing from more noteholders in the coming days.
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 49 billion Swedish crowns ($4.79 billion) debt pile.
Intrum in March appointed advisers to help improve its debt structure, leading to the proposed recapitalisation that needed at least 66.67% support from noteholders in order to be implemented.
A deadline for noteholders to sign up to the scheme and receive a fee equal to 0.5% of their eurobonds has now been extended to Sept. 2, Intrum said.
The company on Aug. 15 said 76% of its so-called revolving credit facility (RCF) lenders had also backed the recapitalisation plan.
($1 = 10.2194 Swedish crowns)
Reporting by Terje Solsvik, editing by Stine Jacobsen
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