New Issue: Encore Capital sells upsized €350 million 4 7/8% five-year notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 10 – Encore Capital Group Inc. priced an upsized €350 million of 4 7/8% five-year senior secured notes (Ba3/BB+) on Thursday, according to a news release.

The deal was talked at a size of €300 million.

Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are joint global coordinators and physical bookrunners for the Rule 144A and Regulation S deal. 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.

Issuer:	Encore Capital Group Inc.
Securities:	Senior secured notes
Amount:	€350 million
Maturity:	Oct. 15, 2025
Bookrunners:	Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, DNB, Fifth Third Securities Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, MUFG, Truist Securities Inc., Citizens Capital Markets Inc. and Umpqua
Coupon:	4 7/8%
Call option:	Callable after two years at par plus 50% of the coupon
Pricing date:	Sept. 10
Ratings:	Moody’s: Ba3
	Fitch: BB+
Distribution:	Rule 144A/Regulation S

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