Encore Capital to offer €100 million more secured floaters due 2028

By Mary-Katherine Stinson

Lexington, Ky., Oct. 9 – Encore Capital Group Inc. is planning to offer €100 million of additional secured floating-rate notes due Jan. 15, 2028 via a private offering, subject to market conditions, according to a news release.

The Rule 144A and Regulation S notes will be guaranteed on a senior secured basis by all material subsidiaries of Encore.

The notes will bear interest at Euribor subject to a 0% floor plus 425 basis points, reset quarterly.

The issue price of the notes will be determined when the issue prices.

The company originally issued €415 million of the notes in December 2020.

The notes will be issued as additional notes under the company's existing notes indenture dated Dec. 21, 2020, and will have the same terms as the company’s currently outstanding senior secured floating-rate notes due 2028.

Proceeds will be used to repay drawings under the company’s revolving credit facility and to pay certain transaction fees and expenses of the offering.

Encore Capital is a San Diego-based provider of debt management and recovery solutions.

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