Encore Capital Group Completes Offering of Senior Secured Floating Rate Notes
16 Ottobre 2023 - 10:05PM
Encore Capital Group, Inc. (NASDAQ: ECPG), an international
specialty finance company, today announced that it has completed
its offering of €100.0 million aggregate principal amount of its
senior secured floating rate notes due 2028 with a coupon of
three-month EURIBOR (subject to a 0% floor) plus 4.250% at an issue
price of 99.01%.
Encore will use the proceeds from this offering to repay
drawings under its revolving credit facility, and to pay certain
transaction fees and expenses incurred in connection with the
offering of the notes.
“The completion of our senior secured floating rate note
offering today, as an addition to our December 2020 offering,
demonstrates that our global funding structure continues to provide
us with one of the best balance sheets in the global credit
management services industry,” said Jonathan Clark, Executive Vice
President and Chief Financial Officer. “With growing supply and
improving pricing in the U.S. debt buying market, we expect 2023
will be a record year of capital deployment for our MCM business
with strong returns. Looking ahead, the proceeds of this offering
provide us incremental capacity to purchase portfolios in 2024 as
we see a robust supply pipeline continue to form in the U.S. with
even better returns.”
About Encore Capital Group, Inc.
Encore Capital Group is an international specialty finance
company that provides debt recovery solutions and other related
services for consumers across a broad range of financial assets.
Through its businesses around the globe, Encore purchases or
services portfolios of receivables from major banks, credit unions
and utility providers.
Encore partners with individuals as they repay their debt
obligations, helping them on the road to financial recovery and
ultimately improving their economic well-being. Encore is the first
and only company of its kind to operate with a Consumer Bill of
Rights that provides industry-leading commitments to consumers.
Headquartered in San Diego, Encore is a publicly traded NASDAQ
Global Select company (ticker symbol: ECPG) and a component stock
of the Russell 2000, the S&P Small Cap 600 and the Wilshire
4500. More information about Encore can be found
at www.encorecapital.com.
Forward Looking StatementsThe statements in
this press release that are not historical facts, including, most
importantly, those statements preceded by, or that include, the
words “will,” “may,” “believe,” “projects,” “expects,”
“anticipates” or the negation thereof, or similar expressions,
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 (the “Reform
Act”). These statements may include, but are not limited to,
statements regarding our future operating results, performance,
business plans or prospects. For all “forward-looking statements,”
the Company claims the protection of the safe harbor for
forward-looking statements contained in the Reform Act. Such
forward-looking statements involve risks, uncertainties and other
factors which may cause actual results, performance or achievements
of the Company and its subsidiaries to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements. These risks,
uncertainties and other factors are discussed in the reports filed
by the Company with the Securities and Exchange Commission,
including the most recent reports on Forms 10-K and 10-Q, as they
may be amended from time to time. The Company disclaims any intent
or obligation to update these forward-looking statements.
Contact:
Bruce ThomasVice President, Investor
RelationsEncore Capital Group, Inc.(858)
309-6442bruce.thomas@encorecapital.com
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