Encore Capital Upsizes, Prices €325M Senior Secured Floating Rate Notes
ECPG has more than doubled off its 52-week low of $35.675.
Summary
Encore Capital Group announced the pricing of its upsized senior secured floating rate notes offering, now totaling €325.0 million, an increase from the previously proposed €300.0 million. These notes, due 2033, will carry a coupon of three-month EURIBOR plus 3.250%. This follows the proposed offering announced on May 12th. The company intends to use the proceeds primarily to redeem €215.0 million of its outstanding senior secured floating rate notes due 2028 and repay drawings under its revolving credit facility, effectively refinancing existing debt. This successful upsized offering demonstrates strong market demand for Encore's debt and improves its debt maturity profile, though the company stated this financing does not change its fiscal year 2026 guidance.
At the time of this announcement, ECPG was trading at $79.00 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $35.68 to $92.64. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.