Encore Capital Group, one of the world’s leading debt buyers listed on the Nasdaq, has announced the pricing of its offering of $500.0 million of 9.250% senior secured notes due 2029.
The senior notes will be fully and unconditionally guaranteed on a senior basis by all subsidiaries of the Company. As anticipated, the notes will accrue interest at a rate of 9.250% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, starting on October 1, 2024. The bonds will mature on April 1, 2029, unless early repurchase or redemption .
The Company intends to use the proceeds from this offering to repay its revolving credit facility (the “Global Senior Facility”) and to redeem its £300 million dollar senior secured notes due 2026 on or about November 15, 2024.
Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.