Commentary & Deal Flow

Price Talk: 7NC2: E+350 Area (+/- 12.5bps) / Par

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

• Issuer: Encore Capital Group, Inc. (Ticker: ECPG)
• Issuer Ratings: Ba2/NR/BB+ (stable/--/negative) (Moody's/S&P/Fitch)
• Issue Ratings: Ba3/NR/BB+ (Moody's/S&P/Fitch)
• Format: 144A/Reg S
• Size: €300,000,000
• Ranking: Senior Secured Notes
• Tenor: 7 years
• Call Protection: NC2, 101, Par. MWC B+50bp. Equity claw: 2y 40%.
• Use of Proceeds: To redeem the remaining €215m of its €415m sr sec FRN due 15-Jan-28 (callable at 100), and pay down revolver. The other €200m 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.
• Change of Control: 101
• Governing Law: New York
• 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
• Marketing: Small Group Meetings Tuesday 12-May and Wednesday 13-May (GIC: 2pm UKT Tuesday 12-May)
• Timing: Books Close 2:30PM UKT Today
• NetRoadshow & OM: https://www.netroadshow.com/events/login/1PeTHmohCFFzoE95joh1NuR62SeLMMl2worqr
• 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.