Leading global law firm Baker McKenzie advised the initial purchasers Morgan Stanley, Credit Suisse, HSBC, DNB Markets, Fifth Third Securities, ING, MUFG, Truist Securities, BofA Securities and Citizens Capital Markets in connection with the issuance by Encore Capital Group, Inc. (NASDAQ: ECPG) of £300 million aggregate principal amount of 5.375% senior secured notes due 2026, which was upsized by £50 million from £250 million.
Encore used the proceeds from the offering to redeem £286.7 million of outstanding 7.5% senior secured notes due 2023 and to pay certain transaction fees and expenses incurred in connection with the offering.
London based partner, Rob Mathews said: "We are pleased to have represented the initial purchasers and agents in this high profile transaction, which represents a key step for the Encore Group in implementing its new global funding structure."
The Baker McKenzie team was led by London based partners Rob Mathews, Haden Henderson, Nick O'Grady and David Becker and included Andrew Sagor (New York), Laurent Fessmann (Luxembourg), Amy Greer (New York), Patricia McDonald (Chicago), Kai Kramer (Houston) and James Smith (London), senior associates Ben Bierwirth (London), Nick Cusack (London) and Vadim Romanoff (London), associates Lana Ahern (London), Gabriella Steuer (London), Amit Parekh (New York), Chen Tang (New York), Alexis Bouvet (Luxembourg) and Aline Koenig (Luxembourg), and trainees, Oliver Shepley and Abigail Saffron (each London). Partner Adam Farlow and trainee Rachele Dal Cin (each London) represented Citibank, N.A., London Branch who acted as trustee of the Notes, and Truist Bank who acted as security agent.