Encore Capital Group Announces Private Placement of $22.5 Million Additional Convertible Senior Notes

On June 24, 2013, Encore Capital Group, Inc. (NASDAQ: ECPG) sold $150 million in aggregate principal amount of the company’s 3.00% Convertible Senior Notes due 2020 (the Firm Notes) in a private placement transaction. The Firm Notes were issued pursuant to an Indenture, dated June 24, 2013, among the company, Midland Credit Management, Inc., a wholly owned subsidiary of the company, as guarantor, and Union Bank, N.A., as trustee.

On July 18, 2013, the initial purchasers exercised, in full, their option to purchase an additional $22.5 million in aggregate principal amount of 3.00% Convertible Senior Notes due 2020 (the “Additional Notes” and together with the Firm Notes, the “Notes”).  The company today announced the closing of the sale of the Additional Notes.

The net proceeds from the sale of the Additional Notes were approximately $21.8 million, after deducting the initial purchasers’ discounts and commissions and the estimated fees and expenses payable by the company.

Encore also announced Monday that it will announce results for the second quarter of 2013 on Thursday, August 8 after the market closes. The company will host a conference call to discuss results at 5pm Eastern that same day.