Encore buys back $28.6 million in convertibles, may buy back $50 million more

By Devika Patel

Knoxville, Tenn., Feb. 11 - Encore Capital Group, Inc. repurchased $28.6 million of its convertible notes due Sept. 19, 2010 for $20.1 million in 2008, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

The company said it may repurchase up to $50 million more of its convertibles or common stock in future transactions. The purchases will be made in the open market or through privately negotiated transactions.

As of Dec. 31, the company had about $71.4 million in outstanding convertibles.

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

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