Global law firm White & Case LLP has advised Encore Capital Group, Inc. on its new US$1.5 billion global funding structure.
White & Case partner Jeremy Duffy, who co-led the Firm's deal team, said: "This was a landmark transaction, which included a highly unusual hybrid credit facility that brought together lenders from the US as well as Europe. This, together with the high yield bond element, showcased the strength of White & Case's world-class leveraged finance team in the execution of this material and novel transaction for market leaders Encore and Cabot."
The transaction involved combining Encore's restricted group with that of its subsidiary, Cabot Credit Management, and included:
- an amended multi-currency revolving credit facility, with an increased total commitment of US$1.05 billion;
- the issuance of €350.0 million in 4.875% senior secured notes due 2025 by Encore;
- the consent solicitation of the holders of Cabot's existing £512,918,000 7.5% senior secured notes due 2023 and €400,000,000 senior secured floating rate notes due 2024; and
- the amendment and restatement of Encore's private placement notes purchase agreement.
The White & Case team that advised on the transaction was led by partners Jeremy Duffy, Monica Holden and James Greene (all London) and included partners Hadrien Servais (Brussels), Ingrid York (London) and Gregory Owens and Ian Cuillerier (both New York), counsel Willem Van de Wiele (Brussels) and associates Yasmine El Kafsi, Callie Wallace, Prema Govind and Nico Nalbantian (all London), Aurelie Terlinden (Brussels), Nathaniel Crowley (Hong Kong) and Rhys Bortignon, Victoria Loeb and Jessy Van Kooten (all New York).
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