Redemption: 2022-12-21; Registration: 144A/Reg S; Comments: EUR275m 7yr NC1 snr sec FRN. RegS/144A. GloCos MS(B&D)/CS/DNB/FifthThird/HSBC/ING/MUFG/Truist. JBs BoA/Citizen. Talk 4.625% area yld, OID 99.00-99.50, upped/changed to 400m 7NC2 (101/par) at E+425/+437.5, OID 99.00. Final 415m @ E+425 @ 99.00;
Deal Comments
12/08/2020 Encore Capital Group Inc (ECPG) EUR415m (up from EUR275m) 144A/Reg S sr sec FRN due 01/15/28 (7y), NC2 (MWC B+50bp), then at 101, 100. Equity claw: 2y 40% at 104.25. (Expect Ba3)/NR/BB+ (--/--/stable). Via MS (B&D)/CS/DNB/FITB/HSBC/INC/MUFG/Truist jt glocos/BofA/Citizens joint books. No reg rights. List lux. NY law. Floats/pays quarterly vs 3mE. Settles 12/21 (T+9). Reg S ISIN: XS2271247178. Price talk 4.625% area yield, inclusive of 99.00-99.50 OID. Final price talk: E+425bp-437.5bp at 99.00 OID. Final terms: EUR400m E+425bp at 99.00 OID. Priced: 3mE+425bp (0% floor) at 99.00 OID, (4.413% YTM). Originally NC1. Did investor call at 1pm UKT 12/07. Books closed at 1pm UKT (originally closing at 2:30pm UKT) 12/08. UOP: along with US$4m cash on hand, to redeem all of its EUR400m sr sec FRN due 06/14/24 (callable at 101) (upsize to redeem more notes). Biz: leading debt purchasing business in the US (Midland Credit Management) and the UK (Cabot Credit management). HQ: San Diego, CA.
Use of Proceeds
Along with US$4m cash on hand, to redeem all of its EUR400m sr sec FRN due 06/14/24 (callable at 101) (upsize to redeem more notes).