11/7/2023 0 Comments Encore capital share price![]() ![]() The repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the applicable repurchase date.Įncore estimates that the net proceeds from the offering will be approximately $194.1 million (or approximately $223.3 million if the initial purchasers fully exercise their over-allotment option), after deducting the initial purchasers’ discounts and commissions and estimated fees and expenses. If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to a limited exception, holders of the notes may require Encore to repurchase all or part of their notes for cash. ![]() The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The notes will be redeemable, in whole or in part, for cash at Encore’s option at any time, and from time to time, on or after Maand on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Encore’s common stock exceeds 130% of the conversion price for a specified period of time. The conversion rate will be subject to adjustment upon the occurrence of certain events. The initial conversion price represents a premium of approximately 27.5% over the last reported sale price of $51.68 per share of Encore’s common stock on February 28, 2023. The initial conversion rate is 15.1763 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $65.89 per share of common stock. Encore will settle any conversions in cash and, if applicable, shares of its common stock. From and after December 15, 2028, noteholders may convert their notes at any time until the close of business on the second scheduled trading day immediately before the maturity date. Before December 15, 2028, noteholders will have the right to convert their notes only in certain circumstances and during specified periods. ![]() The notes will mature on March 15, 2029, unless earlier repurchased or redeemed by Encore or converted. The notes will be senior, unsecured obligations of Encore, and will accrue interest at a rate of 4.00% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2023. Encore also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $30.0 million aggregate principal amount of notes solely to cover over-allotments, if any. The offering size was increased from the previously announced offering size of $175.0 million aggregate principal amount of notes. (Nasdaq: ECPG) (“Encore”) today announced the pricing of its offering of $200.0 million aggregate principal amount of 4.00% convertible senior notes due 2029 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). 28, 2023 (GLOBE NEWSWIRE) - Encore Capital Group, Inc. ![]()
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