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Encore Capital talks €300 million five-year secured notes at 5¼% area
By Paul A. Harris
Portland, Ore., Sept. 10 – Encore Capital Group, Inc. talked its €300 million offering of five-year senior secured notes (Ba3/BB+) to yield in the 5¼% area, according to a market source.
Books were set to close on the Rule 144A and Regulation S deal at 11:30 a.m. ET on Thursday.
Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are joint global coordinators and physical bookrunners. DNB, Fifth Third Securities Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, MUFG and Truist Securities Inc. are global coordinators and joint bookrunners. Citizens Capital Markets Inc. and Umpqua are joint bookrunners.
The notes become callable after two years at par plus 50% of the coupon.
The San Diego-based provider of debt management and recovery solutions plans to use the proceeds to refinance debt.
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