Item 1.01. Entry into a Material Definitive Agreement.
On June 1, 2021, Encore Capital Group, Inc. (the "Company") issued £250.0
million aggregate principal amount of 4.250% senior secured notes due 2028 (the
"Notes") pursuant to an indenture (the "Indenture") between, among others, the
Company, certain subsidiaries of the Company as guarantors, GLAS Trust Company
LLC as trustee and Truist Bank as security agent.
The Notes are senior secured obligations of the Company, and are fully and
unconditionally guaranteed on a senior secured basis by substantially all
material subsidiaries of the Company. The obligations of the Company and the
guarantors are secured, together with the Company's other senior secured
indebtedness, by substantially all of the assets of the Company and the
guarantors. The Notes will accrue interest at a rate of 4.250% per annum,
payable semi-annually in arrears on June 1 and December 1 of each year,
beginning on December 1, 2021. The Notes will mature on June 1, 2028, unless
earlier repurchased or redeemed by the Company.

The Company used the proceeds from the offering to redeem in full the then
outstanding £226.2 million 7.500% senior secured notes due 2023, issued by Cabot
Financial (Luxembourg) S.A., a wholly owned subsidiary of the Company, and to
pay certain transaction fees and expenses incurred in connection with the
offering of the Notes.
A copy of the Indenture (including the form of the Notes) is attached as an
exhibit to this report and is incorporated herein by reference (and this
description is qualified in its entirety by reference to such document).
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is
incorporated herein by reference.
Item 8.01. Other Events.
On June 1, 2021, the Company issued a press release announcing the items
discussed above. A copy of the press release is attached as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
Exhibit Number                 Description
  4.1                          Indenture dated June 1, 2021 between Encore Capital Group, Inc., the
                               subsidiary guarantors party thereto, GLAS Trust Company LLC as trustee
                               and Truist Bank as security agent
  99.1                         Press Release
104                            Cover Page Interactive Data File (embedded within the Inline XBRL
                               document)

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses