By Cady Vishniac
Detroit, Dec. 8 – Encore Capital Group, Inc. priced €415 million of senior secured floating-rate notes due Jan. 15, 2028 at Euribor plus 425 basis points (//BB+), according to a press release.
The floating rate is subject to a 0% floor.
There is one year of call protection.
The Rule 144A and Regulation S issue was upsized from €275 million.
Morgan Stanley & Co. LLC managed the transaction.
Encore intends to use the proceeds and cash on hand to redeem all of subsidiary Cabot Financial (Luxembourg) II SA’s €400 million of outstanding senior secured floating-rate notes due 2024.
The notes being redeemed have a coupon of Euribor plus 637.5 bps.
Encore Capital is a San Diego-based provider of debt management and recovery solutions for consumers and property owners.
| Issuer: | Encore Capital Group, Inc.
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| Issue: | Senior secured floating-rate notes
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| Amount: | €415 million
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| Maturity: | Jan. 15, 2028
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| Bookrunner: | Morgan Stanley & Co. LLC
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| Coupon: | Euribor plus 425 bps
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| Distribution: | Rule 144A and Regulation S
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| Rating: | Fitch: BB+
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| Marketing: | Investor call
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