- Encore Capital ( NASDAQ: ECPG ) plans to offer $175M in principal amount of convertible senior notes due 2029 in a private offering; shares trading 10.4% down pre-market.
- Initial purchasers granted 30-day option to purchase up to an additional $26.25M principal amount of notes to cover over-allotments.
- The notes will be senior, unsecured obligations of Encore, will accrue interest payable semi-annually in arrears and will mature on Mar.15, 2029.
- The notes will be redeemable, in whole or in part, for cash at Encore's option at any time, and from time to time, on or after Mar. 20, 2026 and on or before the 40th scheduled trading day immediately before the maturity date.
- Partial net proceeds to be used for funding the cost of entering into the capped call transactions while remaining to be used for general corporate purposes.
For further details see:
Encore Capital to raise $175M in convertible senior notes offering