SAN DIEGO, CA – Encore Capital Group Inc. (NASDAQ: ECPG) announced today the pricing of a public offering by the company and certain selling stockholders of 5,000,000 shares of its Common Stock at $11.00 per share. Of the shares being offered, 3,000,000 are being offered by Encore and 2,000,000 shares are being offered by certain stockholders.
The underwriters will have an option to purchase up to an additional 750,000 shares of Encore’s Common Stock from selling stockholders solely to cover over-allotments at the public offering price less underwriting discounts and commissions.
Encore intends to use the net proceeds of the offering to repay certain indebtedness and to provide funds for working capital and general corporate purposes, which may include the acquisition of charged-off receivables portfolios and complementary companies.
Jefferies & Company Inc. leads the underwriting team, with Brean Murray & Co. Inc. and Roth Capital Partners LLC as co-managers for the offering. A copy of the prospectus relating to these securities may be obtained from the underwriters at the following addresses: Jefferies & Company Inc., 520 Madison Avenue, 12th Floor, New York, N.Y. 10022; Brean Murray & Co. Inc., 570 Lexington Avenue, New York, N.Y. 10022-6822; or Roth Capital Partners LLC, 24 Corporate Plaza, Newport Beach, Calif. 92660.
This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities described above, nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
Encore Capital Group Inc. is an accounts receivable management firm that specializes in purchasing charged-off and defaulted consumer debt. Among Encore’s significant stockholders are Triarc Companies Inc., Consolidated Press International Holdings Limited and their respective affiliates.
