Encore Capital Group (ECPG) prices $500M senior secured notes at 6.625%

Rhea-AI Filing Summary

Encore Capital Group, Inc. disclosed that it plans to issue senior secured notes in a private offering to qualified institutional buyers and certain non‑U.S. persons. The company increased the planned Offering from $400.0 million to $500.0 million aggregate principal amount of notes due 2031, bearing interest at 6.625% per year.

The notes are being sold in a private placement and are not registered under the Securities Act, meaning they can only be resold in compliance with registration or an applicable exemption. Encore attached launch and pricing press releases as exhibits, which provide additional detail on the transaction.

Insights

Corporate credit and capital structure analyst

Encore adds $500 million of secured debt maturing in 2031 at 6.625%.

Encore Capital Group plans a private placement of senior secured notes, upsizing the Offering from $400.0 million to $500.0 million. These notes are due in 2031 and carry a fixed coupon of 6.625% per annum, adding a sizable long‑dated secured layer to the company’s capital structure.

Because the notes are senior secured, they will sit high in the repayment priority, backed by specified collateral as defined in the full transaction documents. The fixed 6.625% interest rate locks in funding costs for several years, which can be helpful if market rates move unpredictably, but also commits the company to ongoing cash interest payments.

The transaction is conducted as a private offering to qualified institutional buyers and certain non‑U.S. persons, without Securities Act registration. Future disclosures in company filings may provide more detail on use of proceeds, covenant terms, and how this debt interacts with Encore’s existing borrowings.

0001084961FALSE00010849612025-09-242025-09-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

September 24, 2025

Date of report (Date of earliest event reported)

ENCORE CAPITAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware			000-26489			48-1090909
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

350 Camino de la Reina, Suite 100

San Diego, California 92108

(Address of principal executive offices)(Zip Code)

(877) 345-3002

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.01 Par Value Per Share			ECPG			The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 8.01. Other Events.

On September 24, 2025, Encore Capital Group, Inc. (“Encore”) issued a press release announcing its intention to offer $400.0 million aggregate principal amount of senior secured notes due 2031 (the “Offering”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and outside the United States to non-U.S. persons (within the meaning of Regulation S under the Securities Act). On September 24, 2025, Encore issued a press release announcing the pricing of the Offering, which was upsized by $100.0 million from $400.0 million to $500.0 million. The senior secured notes will accrue interest at a rate of 6.625% per annum. The senior secured notes being offered have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Copies of the press releases are attached as Exhibits 99.1 and 99.2 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit Number			Description
99.1			Launch Press Release
99.2			Pricing Press Release
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						ENCORE CAPITAL GROUP, INC.
Date:			September 24, 2025			/s/ Tomas Hernanz
						Tomas Hernanz
						Executive Vice President, Chief Financial Officer and Treasurer

EXHIBIT INDEX

Exhibit Number			Description
99.1			Launch Press Release
99.2			Pricing Press Release
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

FAQ

What financing transaction did Encore Capital Group (ECPG) announce in this 8-K?

Encore Capital Group announced a private offering of senior secured notes. The company plans to issue $500.0 million in aggregate principal amount of notes due 2031, providing long-term fixed-rate financing through a private placement to institutional and non-U.S. investors.

How much is Encore Capital Group (ECPG) raising with its senior secured notes?

Encore Capital Group is offering $500.0 million in aggregate principal amount of senior secured notes. The transaction was initially launched at $400.0 million and then upsized by $100.0 million, reflecting a larger final deal size at pricing on September 24, 2025.

What interest rate and maturity do Encore Capital Group’s new notes carry?

The new Encore Capital Group senior secured notes will bear interest at 6.625% per annum and will mature in 2031. This creates a fixed-rate obligation for several years, giving the company predictable interest costs over the life of the notes.

Is Encore Capital Group’s $500 million notes offering a registered public deal?

No, the offering is not a registered public deal. The senior secured notes have not been and will not be registered under the Securities Act, and may only be offered or sold using an applicable registration exemption or in transactions outside the United States.

Who can buy Encore Capital Group’s new senior secured notes?

The notes are being sold in a private placement to qualified institutional buyers and certain non-U.S. persons. This structure follows Rule 144A and Regulation S frameworks, restricting access mainly to large, sophisticated investors rather than the general public.

What exhibits did Encore Capital Group include with this 8-K about the notes?

Encore Capital Group included two key exhibits: a launch press release as Exhibit 99.1 and a pricing press release as Exhibit 99.2. It also attached a cover page Inline XBRL data file as Exhibit 104, containing the interactive data for the filing’s cover information.