Encore Capital to repay portion of loan with proceeds of new notes

By Taylor Fox

New York, Sept. 8 – Encore Capital Group, Inc. intends to use proceeds from its €300 million offering of senior secured notes due 2025 to repay a portion of amounts previously drawn under the senior facility agreement, to repay amounts drawn under the existing senior facilities, to prepay a portion of its senior secured notes due 2024 and to pay certain transaction fees and expenses, according to a news release.

Drawings under the senior facility agreement will also be used to fund the transactions.

Following the repayment of Encore’s existing senior facilities, they will be terminated.

Encore is a San Diego-based provider of debt management and recovery services for consumers and property owners.

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