INTRUM SELLS PART OF PORTFOLIO TO CERBERUS WITH LOWER PROCEEDS THAN PLANNED

STOCKHOLM (Reuters) - Swedish debt collector Intrum said on Monday it had completed the sale of a large portion of its investment portfolio to Cerberus with-lower-than-expected net proceeds of 7.2 billion crowns ($682.17 million).

Intrum, Europe's biggest manager of bad loans, announced the sale to affiliates of Cerberus Capital Management in January saying it expected to raise 8.2 billion crowns from the deal and would use proceeds to reduce its own debt.

"The previously disclosed 8.2 billion crowns expected proceeds are lower due to a later closing date," it said in a statement.

Intrum said it expects its net debt to decrease to below 49 billion crowns by the end of the second quarter from 57.5 billion in the first quarter.

($1 = 10.5546 Swedish crowns)

(Reporting by Anna Ringstrom, editing by Stine Jacobsen)

2024-07-01T07:05:07Z dg43tfdfdgfd