SAN DIEGO, March 31, 2022 (GLOBE NEWSWIRE) — Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today announced that it has amended and restated its secured revolving credit facility agreement existing global senior to, among other things, increase the size of the facility from $90 million to $1.14 billion and extend the termination date of the facility from September 2025 to September 2026.
“The amendment and extension of our senior global facility announced today further demonstrates that our unified funding structure provides us with one of the best balance sheets in the global credit management services industry,” said Jonathan. Clark, executive vice president and chief financial officer. “Over the past eighteen months, we have continued to reduce our cost of capital and further simplified our funding structure by issuing Encore bonds to refinance bonds originally issued by our European business, Cabot Credit Management. Additionally, we repaid $311 million principal amount of convertible notes maturing in 2021 and 2022 with cash, reducing the proportion of our debt funded by convertible bonds. We have also repurchased 23% of our outstanding common stock in 2021 for $390 million while preserving sufficient cash and capacity to fund future opportunities. This amendment and extension represents a further step in our process of continuously improving the strength of our global balance sheet.
About Encore Capital Group, Inc. Encore Capital Group is an international specialty finance company that provides debt collection solutions and other related services to consumers across a wide range of financial assets. Through its subsidiaries around the world, Encore purchases portfolios of trade receivables from major banks, credit unions and utility providers.
Encore partners with individuals as they repay their debts, helping them on the path to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Based in San Diego, Encore is a publicly traded company on the NASDAQ Global Select (ticker symbol: ECPG) and a component of the stocks of the Russell 2000, S&P Small Cap 600 and Wilshire 4500. More information about the company can be found here. found on http://www.encorecapital.com.
Forward-Looking Statements This press release contains forward-looking statements. Forward-looking statements represent Encore’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among these risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Encore’s common stock and risks relating to Encore’s business, including those described in the periodic reports that Encore files from time to time with the United States Securities and Exchange Commission. . The forward-looking statements included in this press release speak only as of the date of this press release, and Encore does not undertake to update the statements included in this press release for subsequent developments, unless the law requires it.
Contact information
Bruce Thomas Vice President, Global Investor Relations (858) 309-6442 [email protected]
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