Brief: Encore Capital Group Announces New Global Funding Structure

Encore Capital

01/09/2020 08:38

Sept 1 (Reuters) - Encore Capital Group Inc  ECPG.O :
    * ENCORE CAPITAL GROUP ANNOUNCES NEW GLOBAL FUNDING
STRUCTURE
    * ENCORE CAPITAL-INITIATED A PROCESS TO COMBINE TWO BALANCE
SHEETS
OF MCM AND CABOT INTO UNIFIED FUNDING STRUCTURE ON SEPT 1 
    * ENCORE CAPITAL - IN THIS CONFIGURATION, ENCORE WOULD
BECOME
PARENT OF A RESTRICTED GROUP CONSISTING OF ALL SUBSIDIARIES OF
THE COMPANY
    * ENCORE ANNOUNCES A NEW STRETCH FACILITY WITH A COMMITTED
AMOUNT
OF UP TO $300 MILLION
    * ENCORE-UNDER NEW STRUCTURE AMENDED MULTI-CURRENCY
REVOLVING
CREDIT FACILITY THAT SUPPORTS OPERATIONS OF MCM & CABOT, WITH
TOTAL COMMITMENT OF $1,050 MILLION
    * ENCORE- INTENDS TO REPAY, TERMINATE CURRENT DOMESTIC
REVOLVING
CREDIT FACILITY, TERM LOAN FACILITY, REPAY PORTION OF
OUTSTANDING SENIOR SECURED NOTES
    * ENCORE EXPECTS TO RECORD RELATED CHARGES IN Q3 OF 2020
TOTALING
APPROXIMATELY $18 MILLION AFTER TAX

Source text for Eikon:  urn:newsml:reuters.com:*:nGNX2p2H0y
Further company coverage:  ECPG.O 

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