Encore Capital buys back $25.6 million of its convertibles due 2010 for $19.8 million

By Devika Patel

Knoxville, Tenn., April 29 - Encore Capital Group, Inc. repurchased $25.6 million of its convertible notes due Sept. 19, 2010 for $19.8 million, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

The notes were bought back over the course of three months prior to March 31. It has bought back a total of $54.2 million in notes for $39.9 million since the inception of its securities repurchase program.

As of March 31, the company had about $45.8 million in outstanding convertible notes.

A tightening of credit availability could restrict the company's ability to refinance or retire its existing debt, Encore said in the filing.

Encore is a San Diego-based purchaser and manager of charged-off consumer receivable portfolios.

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