Encore Capital Group Inc. (NASDAQ: ECPG) announced plans to offer €300.0 million in senior secured floating rate notes due 2033 through a private placement to qualified institutional buyers.

The San Diego-based company stated the notes will be senior secured obligations guaranteed by substantially all material subsidiaries. The securities will be secured by substantially all assets of the company and guarantors, alongside other senior secured debt.

Encore Capital intends to use proceeds to redeem €215.0 million of its existing €415.0 million senior secured floating rate notes due 2028, repay revolving credit facility drawings, and cover offering fees and expenses.

The announcement follows the company's May 11 launch of a $750.0 million offering of 6.625% senior secured notes due 2032, expected to be issued May 22. Proceeds from that offering will be used to redeem $500.0 million of 9.250% senior secured notes due 2029 and €200.0 million of the 2028 floating rate notes.

Upon completion of both offerings, Encore Capital's €415.0 million outstanding floating rate notes due 2028 will be fully redeemed, with net repayment of revolving credit facility drawings.

The notes offering is subject to market conditions and will not be registered under the Securities Act of 1933. Interest rates and other terms will be determined at pricing.

The company noted in forward-looking statements that completion, timing and size of the proposed offering remain subject to market conditions and other risks, including interest rates and stock price volatility.