Encore Capital to price $400 million five-year secured notes this week; initial talk mid-9% area

By Paul A. Harris

Portland, Ore., March 12 – Encore Capital Group, Inc. plans to price a $400 million offering of five-year senior secured notes during the March 11 week, according to market sources.

Initial guidance has the notes coming to yield in the mid-9% area, a trader said.

The Rule 144A for life and Regulation S notes come with two years of call protection.

Morgan Stanley & Co. LLC, BofA Securities Inc., Citizens Capital Markets Inc., Truist Securities Inc., DNB Markets Inc., Fifth Third Securities Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, MUFG Securities Americas Inc., UBS Securities LLC, Wells Fargo Securities LLC and Zions First National Bank are the joint bookrunners.

The San Diego-based financial services company plans to use the proceeds to repay amounts drawn on its revolving credit facility.

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