Loan & DebtMay 11, 2026, 07:19 AM
Encore Capital to Offer $550M Senior Secured Notes for Debt Refinancing
AI Summary
Encore Capital Group announced its intention to offer $550.0 million in senior secured notes due 2032 in a private offering. The company plans to use the proceeds, combined with drawings from its revolving credit facility, to redeem its outstanding $500.0 million of 9.250% senior secured notes due 2029 and 200.0 million of its 415.0 million outstanding senior secured floating rate notes due 2028. This refinancing initiative also includes covering estimated fees and expenses for the offering.
Key Highlights
- Encore Capital Group intends to offer $550.0 million aggregate principal amount of senior secured notes due 2032.
- The notes will be offered in a private offering to qualified institutional buyers and non-U.S. persons.
- Proceeds will be used to redeem $500.0 million of 9.250% senior secured notes due 2029.
- Proceeds will also redeem 200.0 million of 415.0 million outstanding senior secured floating rate notes due 2028.
- The new notes will be senior secured obligations, fully and unconditionally guaranteed by material subsidiaries.