Encore Capital selling €275 million seven-year secured floaters

By Paul A. Harris

Portland, Ore., Dec. 7 – Encore Capital Group, Inc. is marketing €275 million of seven-year secured floating-rate notes, according to market sources.

The Rule 144A and Regulation S deal, which is being led by Morgan Stanley & Co. LLC, was scheduled to be shopped on an investor conference call on Monday afternoon, London time.

The notes come with one year of call protection.

The San Diego-based provider of debt management and recovery solutions for consumers and property owners plans to use the proceeds to redeem a portion of the outstanding €400 million senior secured floating-rate notes due 2024 issued by Cabot Financial (Luxembourg) II SA, a wholly owned subsidiary of Encore.

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