Encore Capital Group, an international specialty finance company, amended its existing global senior secured revolving credit facility agreement to extend the termination date of the facility from September 2026 to September 2027. In addition, the size of the facility was increased by $40 million to $1.18 billion.
“The extension and upsize of our global senior facility announced today demonstrates the ongoing support of our bank group in a challenging banking environment. The strength of our banking relationships anchors our funding structure, providing us with one of the strongest balance sheets in the global credit management services industry,” Jonathan Clark, executive vice president and chief financial officer at Encore, said. “With portfolio supply growth now accelerating in the U.S. and with no material maturities until 2025, we cannot overstate the importance of our unified global funding structure providing us the financial flexibility and diversified funding sources to capitalize on the increasing opportunities to purchase portfolios at attractive returns. This amendment and extension represents another step in our process to continually improve our global balance sheet, which we believe also provides us very competitive funding costs when compared to our peers and competitors.”
