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 £250 million aggregate principal amount of 4.250% senior secured notes due 2028. The transaction completed June 1, 2021.
Encore used the proceeds from the offering to redeem in full the outstanding £226.2 million 7.500% senior secured notes due 2023 of its subsidiary Cabot Financial (Luxembourg) S.A. and to pay certain transaction fees and expenses incurred in connection with the offering.
This transaction follows on from the recently completed €415 million offering by Encore of senior secured floating rate notes 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 the continued implementation by Encore of its capital structure. The deal highlights 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), Patrick Renckly (Houston), Patricia McDonald (Chicago), Kai Kramer (Houston) and James Smith (London), senior associate Vadim Romanoff (London), associates AJ Brown (London), Sonali Maulik (London), Gabriella Steuer (London), Chen Tang (New York), Alexis Bouvet (Luxembourg) and Aline Koenig (Luxembourg), and trainee Henry Gee (London). Partner Adam Farlow (London) represented the trustees and security agent in the transaction.