Arctic: Credit Daily - Intrum, Stillfront, Citira, Sparc Group, SBB, Mutares

Research evidence excerpt

Arctic: Credit Daily - Intrum, Stillfront, Citira, Sparc Group, SBB, Mutares

Credit Daily

04 June 2026 | 08:12

Intrum, Stillfront, Citira, Sparc Group, SBB, Mutares Key figures & indices Arctic HY Index

Intrum: Sets terms to capital raise, 28s best risk/reward

Key new information is the subscription price of SEK 2.45 per share, the 18-for-1 rights issue

ratio with the outcome expected around 1 July. The capital raise is conditional on EGM approval

on 9 June 2026. The rights issue is fully underwritten, with SEK 3bn guaranteed by an investor

consortium (includes several in direct issue) while Deutsche Bank and DNB Bank will cover the

remaining portion. We believe that the cash proceeds are most meaningful for addressing the front

end of the curve in the 27s / 28s as proceeds can contribute toward paydowns and refinancing

measures there. Given the appreciation in the 27s and the disappointing operating figures as part

of the Q1 release, we currently see the best risk reward in the EUR 28s (current spread ~678bps)

and believe the closing of the equity raise could serve as a short term catalyst to push these

closer to par. Other incremental momentum could come from S&P where their current CCC+ is on

CreditWatch with positive implications, conditional on the approval of the capital raise.

Stillfront: Upfront settlement and small disposal

Stillfront has announced that they have taken an upfront settlement related to Gameberry as well

as disposed of a small studio. Based on a court decision relating to copyright, Gameberry currently

pays Stillfront a portion of their game revenue annually which in 2025 was a SEK ~63m payment

which likely flows almost entirely to Stillfronts bottom line. The revenue share payments were to be