Welcome to our dedicated page for Encore Cap Group news (Ticker: ECPG), a resource for investors and traders seeking the latest updates and insights on Encore Cap Group stock.
Encore Capital Group, Inc. (NASDAQ: ECPG) is an international specialty finance company that provides debt recovery solutions and related services for consumer receivables. The ECPG news feed on Stock Titan aggregates company announcements, quarterly earnings releases, financing updates and research-related communications drawn from Encore’s own disclosures and SEC filings.
Encore regularly issues quarterly financial results press releases that detail portfolio purchases, collections, estimated remaining collections (ERC), revenues, operating expenses, net income and earnings per share. These updates often distinguish between performance in the United States, through its Midland Credit Management subsidiary, and in Europe, through its Cabot Credit Management subsidiary. Investors following ECPG news can see how portfolio purchasing trends and collections evolve over time across these regions.
The company also publishes news about its capital markets activities, including offerings of senior secured notes and related use of proceeds, such as repayment of drawings under its revolving credit facility. These items are typically accompanied by corresponding Form 8-K filings describing material definitive agreements and new debt obligations.
Beyond financial and financing updates, Encore issues communications about initiatives like its Economic Freedom Study, which surveys consumers in its largest markets on topics such as financial stress, debt, credit score awareness and attitudes toward working with debt collection companies. These releases provide context for Encore’s stated Mission of helping consumers on their path to economic freedom and its use of a Consumer Bill of Rights and other consumer-focused practices.
By reviewing the ECPG news page, readers can track Encore’s reported operating performance, capital structure decisions, research findings and scheduled events such as conference calls and investor presentations. This makes the news feed a useful reference for investors, analysts and others monitoring developments related to Encore Capital Group.
Encore Capital Group (Nasdaq: ECPG) announced the pricing of €415 million in senior secured floating rate notes due 2028, up from an initial €275 million offering. The notes will accrue interest at a rate tied to the three-month EURIBOR plus 4.250%. Proceeds will be used to redeem €400 million of existing notes due 2024 and cover related transaction costs. The company anticipates approximately $11 million in after-tax charges in Q4 2020. The offering remains unregistered in the U.S., thus not available to the general public.
Encore Capital Group plans to offer €275 million in senior secured floating rate notes due 2027 in a private placement to qualified institutional buyers. The notes will be guaranteed by the company's material subsidiaries and secured by its assets. Proceeds will be used to redeem €400 million of existing notes due 2024 and to cover related transaction fees. The release also notes that cash collections are on track at 100% of forecasts, with U.S. collections exceeding expectations at 106%, while European collections lagged at 87%.
Encore Capital Group (NASDAQ: ECPG) announced the completion of a £300 million senior secured notes offering, up from a planned £250 million. The 5.375% notes will mature in 2026 and were issued to refinance £286.7 million of 7.5% notes due 2023. This action supports the company's new global funding structure, enhancing financial flexibility and reducing funding costs. CFO Jonathan Clark highlighted the significant cost savings and improved credit profile resulting from this refinancing. The strategic move reflects Encore's goal to optimize its balance sheet.
Encore Capital Group (Nasdaq: ECPG) announced the pricing of £300 million in 5.375% senior secured notes due 2026, up from an initial £250 million. The notes, fully guaranteed by major subsidiaries, will pay interest semi-annually, starting February 15, 2021. Proceeds will be used to redeem part of the outstanding £512.9 million 7.5% notes due 2023 and to cover transaction costs. The company anticipates recording approximately $10 million in after-tax charges in Q4 2020. The offering is private and unregistered under the Securities Act.
Encore Capital Group (ECPG) announced plans to offer £250 million in senior secured notes due 2026, aimed at qualified institutional buyers. The offering is subject to market conditions and will be fully guaranteed by its material subsidiaries. Proceeds will be used to redeem a portion of existing £512.9 million senior secured notes due 2023 and cover related transaction fees. The notes will not be registered under the Securities Act and are being offered privately. Forward-looking statements highlight potential risks related to market conditions and business operations.
Encore Capital Group (NASDAQ: ECPG) reported a significant increase in third-quarter results for 2020, with GAAP net income rising 41% to $55 million ($1.72 per share) and non-GAAP adjusted net income increasing 42% to $74 million ($2.31 per share). Global collections reached a record $540 million, up 8% year-over-year, while Estimated Remaining Collections (ERC) grew 15% to $8.5 billion. Operating expenses rose 6% to $261 million, partly due to a $15 million CFPB settlement. The company implemented a new global funding structure to enhance financial flexibility, preparing for an anticipated increase in charged-off receivables in 2021.
Encore Capital Group (ECPG) announced a settlement with the Consumer Financial Protection Bureau (CFPB) over a lawsuit regarding compliance issues from a 2015 consent order. The company will pay a one-time $15 million charge and $9,000 to 14 consumers without any incremental operational impact. The settlement ends the previous consent order, and Encore has no ongoing issues with the CFPB. The company asserts that it had already addressed the minor compliance gaps cited in the suit years ago.
Encore Capital Group's subsidiary, Midland Credit Management (MCM), has received recognition for its commitment to diversity and inclusion by being named one of the “100 Best Companies for Women in India” for the third consecutive year. Additionally, MCM was awarded the “Champions of Inclusion” title in the Most Inclusive Companies Index for 2020. The awards reflect the organization's dedication to fostering an inclusive workplace environment that values diversity across various dimensions. Over 321 organizations participated in the awards.
Encore Capital Group (ECPG) announced its third quarter financial results will be released on November 2, 2020, after market close. The company will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET on the same day, featuring CEO Ashish Masih and CFO Jonathan Clark. Investors and the public can access the live webcast through the company's Investor Relations webpage or via telephone. Encore specializes in debt recovery solutions, servicing portfolios of receivables globally, and is publicly traded on NASDAQ as part of significant indices like the Russell 2000.
Encore Capital Group (ECPG) will release its Q3 2020 financial results on November 2, 2020, after market close. A conference call featuring CEO Ashish Masih, CFO Jonathan Clark, and VP Bruce Thomas will discuss these results at 2:00 PM Pacific Time. Investors can access a live webcast on the Investor Relations page of Encore's website. A telephonic replay will be available for seven days post-call. Encore Capital specializes in debt recovery solutions and operates globally, purchasing and servicing receivables from major financial institutions.