Encore Capital to repay revolver with proceeds from new secured notes

By Mary-Katherine Stinson

Lexington, Ky., Oct. 9 – Encore Capital Group Inc. is planning to repay drawings under its revolving credit facility with proceeds from an additional offering of secured floaters due Jan. 15, 2028, according to a news release.

The floaters will be issued as additional notes under the company's existing notes indenture dated Dec. 21, 2020, and will have the same terms as the company's currently outstanding senior secured floating-rate notes due 2028.

The Rule 144A and Regulation S notes will bear interest at Euribor subject to a 0% floor plus 425 basis points, reset quarterly.

The company also reported that its year-to-date global cash collections performance through Aug. 31 as compared to its reported Dec. 31, 2022 ERC forecast was generally in line with the first half of the year. As of Aug. 31, the company’s leverage remained 2.8x.

Encore Capital is a San Diego-based provider of debt management and recovery solutions.

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