Leading global law firm Baker McKenzie advised the initial purchasers Morgan Stanley, Credit Suisse, DNB Markets, Fifth Third Securities, HSBC, ING, MUFG, Truist Securities, BofA Securities and Citizens Capital Markets in connection with the issuance by Encore Capital Group, Inc. (NASDAQ: ECPG) of €415 million aggregate principal amount of senior secured floating rate notes due 2028, which was upsized by €140 million from €275 million. The transaction completed December 21, 2020.
Encore used the proceeds from the offering, together with cash on hand, to redeem in full the outstanding €400 million senior secured floating rate notes due 2024 and to pay certain transaction fees and expenses incurred in connection with the offering.
This transaction follows on from the recently completed £300 million offering by Encore of senior secured notes due 2026 as part of the implementation of its new global funding structure.
London-based partner Rob Mathews said, "We are pleased to have represented the initial purchasers and agents in these successful transactions, which highlight the strength of Baker McKenzie's global bond and bank finance practice across governing laws and jurisdictions."
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 AJ Brown (London), 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.