Commentary & Deal Flow

IPTs: 7NC2: E+350/375 at par

• Issuer: Encore Capital Group, Inc. (Ticker: ECPG)
• Business: Biz: provides debt recovery solutions in the US (Midland Credit Management), the UK (Cabot Credit management), and other countries. HQ: San Diego, CA.
• Format: 144A/Reg S
• Size: Min. €300,000,000
• Use of Proceeds: to redeem the remaining EUR215m of its EUR415m sr sec FRN due 01/15/28 (callable at 100), and pay down revolver. The other ER200m of the FRN notes due 2028 will be redeemed using a portion of the proceeds of the US$750m 6.625% sr sec notes due 2032 that priced 15-May-26
• Ranking: Senior Secured Notes
• Tenor: 7 years
• Call Protection: NC2, 101, Par. MWC B+50bp. Equity claw: 2y 40%.
• CoC: 101.
• Law: New York
• IPT: E+350-375 / Par
• Issuer Ratings: Ba2NR/BB+ (stable/--/negative) (Moody's/S&P/Fitch)
• Issue Ratings: Ba3/NR/BB+ (Moody's/S&P/Fitch)
• GIC: 2pm UKT Tuesday 12-May
• NetRoadshow & OM: https://www.netroadshow.com/events/login/1PeTHmohCFFzoE95joh1NuR62SeLMMl2worqr
• Denominations: €100,000 x €1,000
• Listing: An application has been made to the Official List of the Luxembourg Stock Exchange
• Sole Physical Bookrunner: Morgan Stanley (B&D)
• Global Coordinators and lead joint bookrunners: DNB Carnegie, ING, MUFG
• Lead bookrunners: BofA, Citizens, Fifth Third, Truist, WFS
• Joint bookrunners: Axos, RBC, Zions
• Small Group Meeting: Available Tuesday 12-May and Wednesday 13-May
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only. No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom.