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.
