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Cabot Financial to redeem 7½% notes due 2023 on June 1 at 101.875
By Marisa Wong
Los Angeles, May 19 – Cabot Financial (Luxembourg) SA will redeem in full its £226,218,000 of outstanding 7½% senior secured notes due 2023 (ISIN: XS1405768596, XS1405768166) on June 1, according to a notice.
The notes, guaranteed by parent company Encore Capital Group, Inc., Cabot Credit Management Ltd. and Cabot Financial Ltd., will be redeemed at 101.875 plus accrued interest from April 1 to but excluding the redemption date.
The redemption is conditioned on new financing. As previously reported, Encore intends to use proceeds from a £250 million issue of senior secured notes due 2028 to fund the redemption.
Citibank, NA, London Branch is trustee and agent.
Encore Capital is a San Diego-based provider of debt management and recovery solutions for consumers and property owners.
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