European ARM Firm Intrum Justitia Expands Long-term Borrowing Capacity
Swedish accounts receivable management giant Intrum Justitia announced Thursday that it has renegotiated parts of the group’s bank financing.
Intrum summarized the changes thusly:
- The current syndicated loan facility of SEK 4 billion ($571 million) is extended with a three-year facility of SEK 1 billion ($143 million) that matures in 2015. The new bank loan is a revolving credit facility with terms similar to the existing loan facility.
- The maturity structure of the existing loan facility of SEK 4 billion has been adjusted from maturing in its entirety in 2016, to SEK 1 billion maturing in 2015, SEK 2 billion in 2016 and SEK 1 billion in 2017.
- The earlier loan facility entailed a limit on the long-term loan financing Intrum Justitia could raise of SEK 6 billion ($856 million). The new loan agreements allow the company to raise long-term financing of SEK 8 billion ($1.14 billion).
“Through our new bank agreement, we have improved the structure of the Group’s long-term borrowing considerably,” said Erik Forsberg, CFO at Intrum Justitia. “Combined with our bond program, we now have a more extensive and flexible financial capacity, with an even and well-distributed maturity structure.”
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