Loan & DebtMay 11, 2026, 07:33 PM
Encore Capital Prices $750M Senior Secured Notes at 6.625%
AI Summary
Encore Capital Group priced an upsized offering of $750.0 million in 6.625% senior secured notes due 2032. The offering was increased from an initial $550.0 million. Proceeds, along with revolving credit facility drawings, will be used to redeem $500.0 million of 9.250% senior secured notes due 2029 and €200.0 million of €415.0 million senior secured floating rate notes due 2028, as well as cover offering expenses. The company confirmed that this financing does not alter its fiscal year 2026 guidance.
Key Highlights
- Priced $750.0 million aggregate principal amount of 6.625% senior secured notes due 2032.
- Offering was upsized to $750.0 million from an initial $550.0 million.
- Notes will accrue interest at 6.625% per annum, payable semi-annually.
- Proceeds will redeem $500.0 million of 9.250% senior secured notes due 2029.
- Also to redeem €200.0 million of €415.0 million senior secured floating rate notes due 2028.
- The offering does not change fiscal year ended December 31, 2026 guidance.