By Taylor Fox
New York, Nov. 12 – Encore Capital Group Inc. priced £300 million of 5 3/8% senior secured notes (//BB+) due Feb. 15, 2026 in an offering that was upsized from £250 million, according to a news release.
The Rule 144A and Regulation S notes will be guaranteed on a senior secured basis by all material subsidiaries of Encore.
Proceeds will be used to redeem some of the £512.9 million 7½% senior secured notes due 2023 issued by subsidiary Cabot Financial (Luxembourg) SA and to pay certain transaction fees and expenses.
Morgan Stanley & Co. International plc is the manager.
Upon completion of the offering and the use of proceeds in connection therewith, Encore expects to record related charges in the fourth quarter of 2020 totaling $10 million after tax.
Encore Capital is a San Diego-based provider of debt management and recovery solutions.
| Issuer: | Encore Capital Group Inc.
|
| Issue: | Senior secured notes
|
| Amount: | £300 million
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| Maturity: | Feb. 15, 2026
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| Manager: | Morgan Stanley & Co. International plc
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| Coupon: | 5 3/8%
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| Pricing date: | Nov. 12
|
| Rating: | Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
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