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Encore Capital Group (Nasdaq: ECPG) announced the pricing of an upsized $500 million offering of 8.500% senior secured notes due 2030. This offering increased by $100 million from the originally planned $400 million. The notes are being offered at an issue price of 100% and are secured by substantially all assets of the company and its material subsidiaries. Interest on these notes is payable semi-annually starting November 15, 2024, with maturity on May 15, 2030. The proceeds from this offering will be used to repay drawings under the Global Senior Facility, cover transaction fees, and for general corporate purposes. Additionally, Encore plans to use borrowings to redeem €350 million senior secured notes due 2025 by October 15, 2024. The notes are being offered to qualified institutional buyers and non-U.S. persons, and they will not be registered under the Securities Act.
Encore Capital Group, Inc. announced a proposed senior secured notes offering of $400.0 million due 2030. The notes will be senior secured obligations of the Company, guaranteed by its subsidiaries. The Company intends to use the proceeds for various purposes including repaying existing debts and general corporate needs.
Encore Capital Group, Inc. (NASDAQ: ECPG) reported strong first quarter 2024 financial results with a portfolio purchase of $296 million, global collections of $511 million, and a GAAP EPS of $0.95. The company remains optimistic about 2024 performance, particularly in the U.S. market, despite competitive conditions in Europe. Encore is on track to exceed 2023 portfolio purchases and grow collections by 8% to over $2 billion.