Baker McKenzie advises the initial purchasers on Encore Capital Group’s high-yield bond offerings totalling over USD 1 billion

Baker McKenzie has advised a syndicate of twelve initial purchasers in two high yield bond offerings totalling more than USD 1 billion in proceeds by Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company.

Baker McKenzie has advised the initial purchasers Morgan Stanley & Co. LLC, BofA Securities, Inc., Citizens JMP Securities, LLC, Truist Securities, Inc., DNB Carnegie, Inc., Fifth Third Securities, Inc., ING Financial Markets LLC, MUFG Securities Americas Inc., Wells Fargo Securities, LLC, Axos Clearing LLC, RBC Capital Markets, LLC and Zions Direct, Inc. in connection with the offering of $750 million 6.625% Senior Secured Notes due 2032. Encore used the proceeds from the offering to redeem certain of its notes in full and in part and to pay certain transaction fees and expenses incurred in connection with the offering of the notes. The bond offering closed on May 22, 2026.

Baker McKenzie has advised the initial purchasers has advised the initial purchasers Morgan Stanley & Co. International plc, DNB Carnegie, a division of DNB Bank ASA, ING Financial Markets LLC, MUFG Securities EMEA plc, Merrill Lynch International, Citizens JMP Securities, LLC, Fifth Third Securities, Inc., Truist Securities, Inc., Wells Fargo Securities International Limited, Axos Clearing LLC, RBC Capital Markets, LLC and Zions Direct, Inc. in connection with the offering of €325 million Senior Secured Floating Rate Notes due 2033. Encore used the proceeds from the offering to redeem certain of its notes in full, repay drawings under its senior secured revolving credit facility and to pay certain transaction fees and expenses incurred in connection with the offering of the notes. The bond offering closed on May 28, 2026.

Baker McKenzie Leveraged Finance Partner Rob Mathews said: "We are pleased to have represented the initial purchasers and agents on this successful high-profile transaction for the Encore Group."

The Baker McKenzie team was led by London based partners Rob Mathews and Ben Bierwirth, and included:

• High Yield and Leveraged Finance: Fani Chlampoutaki (Associate, London), Sofia Elkina (Associate, London) and Melissa Terzi (Trainee, London)
• Banking & Finance: Laurent Fessmann (Partner, Luxembourg), Ben Wilkinson (Partner, Stockholm), Lana Ahern (Senior Associate, London), Alexis Bouvet (Of Counsel, Luxembourg), Aline Koenig (Senior Associate, Luxembourg), Maciej Wojdyla (Associate, London), Corina Morosanu (Associate, Luxembourg) and Eunice Wong (Trainee, London)
• Tax: Kai Kramer (Partner, Houston) and Ross Staine (Partner, Houston)

Partner Adam Farlow and Counsel Charles Farnsworth (each London) represented Glas Trust Company LLC, who acted as trustee of the notes, and Partner Sarah Porter and Associate Rocío Ruiz Rivadeneyra (each London) represented Truist Bank who acted as the security agent