Baker McKenzie has advised the initial purchasers Morgan Stanley & Co. LLC, BofA Securities, Inc., Citizens JMP Securities, LLC, Truist Securities, Inc., DNB Markets, Inc., Fifth Third Securities, Inc., HSBC Bank plc, ING Financial Markets LLC, MUFG Securities Americas Inc., UBS Securities LLC, Wells Fargo Securities, LLC and Zions Direct, Inc. in connection with the offering of USD 500 million 9.250% Senior Secured Notes due 2029 by Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company.
Encore used the proceeds from the offering to repay drawings under its revolving credit facility (the "Global Senior Facility") and to pay certain transaction fees and expenses incurred in connection with the offering of the notes. Encore currently intends to use borrowings under the Global Senior Facility or other available sources of financing to redeem its £300.0 million senior secured notes due 2026 on or about November 15, 2024.
Baker McKenzie High Yield Partner Rob Mathews said: “We are pleased to have represented the initial purchasers and agents on milestone transaction for the Encore Group, which was its debut transaction into the USD market.”
The bond offering closed on March 20, 2024.
The Baker McKenzie team was led by London based partners Rob Mathews, Ben Bierwirth and Nick O’Grady, and included Laurent Fessmann (Luxembourg), Kai Kramer and Ross Staine (each Houston), senior associates Lana Ahern (London) and Alexis Bouvet (Luxembourg) and associates Fani Chlampoutaki (London), Shaikha AlArayedh (London), Corina Morosanu (Luxembourg) and Aline Koenig (Luxembourg). Partner Adam Farlow and counsel Charles Farnsworth (each London) represented Glas Trust Company LLC, who acted as trustee of the notes, and Partner Sarah Porter and associate Kirsty McDonald (each London) represented Truist Bank who acted as the security agent.
Encore used the proceeds from the offering to repay drawings under its revolving credit facility (the "Global Senior Facility") and to pay certain transaction fees and expenses incurred in connection with the offering of the notes. Encore currently intends to use borrowings under the Global Senior Facility or other available sources of financing to redeem its £300.0 million senior secured notes due 2026 on or about November 15, 2024.
Baker McKenzie High Yield Partner Rob Mathews said: “We are pleased to have represented the initial purchasers and agents on milestone transaction for the Encore Group, which was its debut transaction into the USD market.”
The bond offering closed on March 20, 2024.
The Baker McKenzie team was led by London based partners Rob Mathews, Ben Bierwirth and Nick O’Grady, and included Laurent Fessmann (Luxembourg), Kai Kramer and Ross Staine (each Houston), senior associates Lana Ahern (London) and Alexis Bouvet (Luxembourg) and associates Fani Chlampoutaki (London), Shaikha AlArayedh (London), Corina Morosanu (Luxembourg) and Aline Koenig (Luxembourg). Partner Adam Farlow and counsel Charles Farnsworth (each London) represented Glas Trust Company LLC, who acted as trustee of the notes, and Partner Sarah Porter and associate Kirsty McDonald (each London) represented Truist Bank who acted as the security agent.
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