Encore Capital Group, Inc. announced the pricing of its offering of $500.0 million aggregate principal amount of 8.500% senior secured notes due 2030, which was upsized by $100.0 million from $400.0 million, at an issue price of 100.000% 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 notes will accrue interest at a rate of 8.500% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2024. The notes will mature on May 15, 2030 unless earlier repurchased or redeemed by the Company. 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.