Encore Capital Group, Inc. (ECPG), a specialty finance company, on Wednesday announced that it intends to offer $400 million aggregate principal amount of senior secured notes due 2031 in a private placement.
The company said that the proceeds from the offering are expected to be used to repay borrowings under the company's revolving credit facility and to cover related transaction fees and expenses.
The notes will be senior secured obligations of the company and fully guaranteed on a senior secured basis by substantially all material subsidiaries. Interest rate and other terms will be set at pricing.
On Tuesday, Encore Capital closed trading, 0.33% lesser at $45.31 on the Nasdaq.
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