By Wendy Van Sickle
Columbus, Ohio, Oct. 9 – Encore Capital Group, Inc. sold a €100 million add-on to its senior secured floating-rate notes due Jan. 15, 2028 at 99.01 on Monday, according to a press 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 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.
| Issuer: | Encore Capital Group, Inc.
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| Guarantors: | Subsidiaries of Encore
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| Amount: | €100 million
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| Issue: | Senior secured floating-rate notes
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| Maturity: | Jan. 15, 2028
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| Coupon: | Euribor plus 425 bps
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| Euribor floor: | 0%
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| Price: | 99.01
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| Trade date: | Oct. 9
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| Distribution: | Rule 144A and Regulation S
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| Prior issue: | €415 million issued in December 2020
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