Registration: 144A/Reg S; Comments: 09/10/2020 Encore Capital Group Inc (Cabot) (ECPG) EUR350m (up from EUR300m) 144A/Reg S sr sec notes due Oct 15, 2025 (5y). NC2 (MWC B+50bp), then at 102.438, 101.219, 100. Equity claw: 2y 40% at 104.875. Ba3/NR/BB+ (stable/stable). Via MS (B&D)/CS joint physical books and jt glocos/DNB/FITB/HSBC/ING/MUFG/Truist jt books and jt glocos/Citizens/Umpqua joint books. No reg rights. List Lux. NY law. Settles 09/24 (T+10). Reg S ISIN: XS2229090589. Price talk 5.25% area. Launched: EUR350m at 4.875% at 98.889, yield 5.125%, Priced: 4.875% at 98.889, yield 5.125%, +577bp vs OBL 0.00% due 10 Oct 2025. Did investor call 09/08 at 2pm UKT. One-on-one meetings 09/08-10. Books closed at 4:30pm UKT /11:30am NYT 09/10. UOP: along with a new $1.05bn revolver ($617m, down from $669m, drawn), to refinance debt (Cabot revolver $203m, Encore revolver $652m (up from $488m), Encore term loan $164n, private placement notes $104m) (EUR50m upsize UOP: decrease the draw on the new revolver). Encore is now pursuing a joint funding strategy combining its two legally separate units, Encore/MCM in the US and Cabot in the UK, into one financial entity. Biz: leading debt purchasing business in the US and UK. HQ: San Diego, CA. Note: Umpqua dropped as a joint book.;