Encore Capital Europe Finance Limited $172.5 Million 4.50% Exchangeable Senior Notes Offering

Davis Polk advised the representatives of the underwriters in connection with an SEC-registered offering of $172.5 million aggregate principal amount of Encore Capital Europe Finance Limited’s 4.50% exchangeable senior notes due 2023, which included $22.5 million aggregate principal amount of notes issued pursuant to the full exercise of the underwriters’ over-allotment option to purchase additional notes. In addition, Davis Polk advised counterparties to capped call transactions in connection with the offering.

Encore Capital Europe Finance Limited is a wholly owned subsidiary of Encore Capital Group, Inc., an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions and utility providers.

The Davis Polk corporate team included partner Shane Tintle and associate Ferrell Maguire Keel. The equity derivatives team included partner John M. Brandow, counsel Justin Michael and associates Katharine O’Banion, Jeffrey H. Smith and Molly I. Manning. The financial institutions team included associate Jennifer E. Kerslake. The tax team included partner Lucy W. Farr and associate James Manzione. All members of the Davis Polk team are based in the New York office.