ECPG · Encore Capital Group, Inc.

Encore Capital Group executed a significant refinancing transaction through two concurrent private debt offerings. The €325 million upsized senior secured floating rate notes due 2033, priced at EURIBOR + 325 bps, provide extended maturity versus the €415 million 2028 notes being fully redeemed across both offerings (€200M via $750M USD 2032 notes and €215M via euro notes). This restructuring extends debt timelines to 2032-2033, potentially lowering near-term refinancing risk and interest costs if EURIBOR remains moderate. The notes are senior secured by substantially all assets of the Company and material subsidiaries, with full guarantees, maintaining secured creditor priority. Proceeds also enable net repayment of revolver drawings, bolstering liquidity. The unregistered private placement to qualified buyers ensures efficient execution without public registration delays. Notably, the offerings do not alter FY2026 guidance issued May 6, signaling confidence in operational trajectory amid capital structure optimization. Investors benefit from clearer debt maturity profile post-refinancing.