Encore Capital Group, Inc. Announces Proposed Senior Secured Notes Offering
13 Mai 2024 - 1:17PM
Encore Capital Group, Inc. (Nasdaq: ECPG) (the “Company”) today
announced its intention to offer, subject to market and other
conditions, $400.0 million aggregate principal amount of senior
secured notes due 2030 (the “
notes”) in a private
offering to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended (the “Securities Act”)
and outside the United States to non-U.S. persons (within the
meaning of Regulation S under the Securities Act).
The notes will be senior secured obligations of
the Company, and will be fully and unconditionally guaranteed on a
senior secured basis by substantially all material subsidiaries of
the Company. The obligations of the Company and the guarantors will
be secured, together with the Company’s other senior secured
indebtedness, by substantially all of the assets of the Company and
the guarantors. The interest rate and other terms of the notes will
be determined at the pricing of the offering.
The Company intends to use the proceeds from
this offering to repay drawings under its revolving credit facility
(the "Global Senior Facility"), to pay certain transaction fees and
expenses incurred in connection with the offering of the notes and
for general corporate purposes. The Company currently intends to
use borrowings under the Global Senior Facility or other available
sources of financing to redeem its €350.0 million senior secured
notes due 2025 on or about October 15, 2024.
The offer and sale of the notes have not been,
and will not be, registered under the Securities Act, and the notes
may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements. This
press release does not constitute an offer to sell, or the
solicitation of an offer to buy, the notes nor will there be any
sale of the notes in any state or other jurisdiction in which such
offer, sale or solicitation would be unlawful. Any offer of the
securities will be made only by means of a private offering
memorandum.
Forward-Looking StatementsThis
press release includes forward-looking statements, including
statements regarding the completion, timing and size of the
proposed offering, the intended use of the proceeds, the terms of
the notes being offered and the potential use of borrowings under
the Global Senior Facility to redeem its senior secured notes due
2025. Forward-looking statements represent Encore’s current
expectations regarding future events and are subject to known and
unknown risks and uncertainties that could cause actual results to
differ materially from those implied by the forward-looking
statements. Among those risks and uncertainties are market
conditions, including market interest rates, the trading price and
volatility of Encore’s common stock and risks relating to Encore’s
business, including those described in periodic reports that Encore
files from time to time with the U.S. Securities and Exchange
Commission. Encore may not consummate the proposed offering
described in this press release and, if the proposed offering is
consummated, cannot provide any assurances regarding the final
terms of the notes or its ability to effectively apply the net
proceeds as described above. The forward-looking statements
included in this press release speak only as of the date of this
press release, and Encore does not undertake to update the
statements included in this press release for subsequent
developments, except as may be required by law.
Contact Information
Bruce Thomas, Investor Relations(858)
309-6442bruce.thomas@encorecapital.com
Encore Capital (NASDAQ:ECPG)
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