The convertible and exchangeable senior notes are due 2029 and 2023

Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A offering by Encore Capital Group, Inc. of $230 million aggregate principal amount of 4.00% convertible senior notes due 2029, which includes $30 million aggregate principal amount of notes from the full exercise of the initial purchasers’ option to purchase additional notes. In addition, Davis Polk advised the counterparties to new capped call transactions entered into in connection with the offering, and we advised the existing counterparties to the capped call transactions previously entered into in connection with Encore’s issuance of its 4.50% exchangeable senior notes due 2023 with respect to the unwind of such transactions. Encore’s common stock is listed on the Nasdaq Global Select Market under the symbol “ECPG.”

Encore is an international specialty finance company that provides debt recovery solutions and other related services across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases or services portfolios of receivables from major banks, credit unions and utility providers.

The Davis Polk capital markets team included partner Shane Tintle and associates Caroline G. Armstrong and Kanger Jin. The equity derivatives team included partners Mark M. Mendez and Caitlin L. Wood, counsel Justin Michael and Katharine O’Banion and associates Eugenia S. Lee and Alexander S. Pettingell. The tax team included partner Lucy W. Farr. All members of the Davis Polk team are based in the New York office.

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