Debt (Tables)

12 Months Ended

Dec. 31, 2018

The components of the Company’s consolidated debt and capital lease obligations were as follows (in thousands):



	December 31, 2018			December 31, 2017
Encore revolving credit facility	$	429,000		$	328,961
Encore term loan facility	195,056			181,687
Encore senior secured notes	325,000			326,029
Encore convertible notes and exchangeable notes	656,000			483,500
Less: debt discount	(36,361		)	(32,720		)
Cabot senior secured notes	1,111,399			1,216,485
Less: debt discount	(1,477		)	(1,927		)
Cabot senior revolving credit facility	298,005			179,008
Cabot securitisation senior facility	445,837			391,790
Preferred equity certificates	—			253,324
Other credit facilities	43,354			68,001
Other	64,566			92,792
Capital lease obligations	7,563			6,069
	3,537,942			3,492,999
Less: debt issuance costs, net of amortization	(47,309		)	(46,123		)
Total	$	3,490,633		$	3,446,876

Convertible Debt, Features and Hedging

The details of the hedge program for each of the Convertible Notes and Exchangeable Notes are listed below (in thousands, except conversion or exchange price):



	2020 Convertible Notes		2021 Convertible Notes		2023 Exchangeable Notes
Cost of the hedge transaction(s)	$	18,113	$	19,545	$	17,785
Initial conversion or exchange price	$	45.72	$	59.39	$	44.62
Effective conversion or exchange price	$	61.55	$	83.14	$	62.48

Certain key terms related to the convertible and exchangeable features as of December 31, 2018 are listed below.



	2020 Convertible Notes		2021 Convertible Notes		2022 Convertible Notes		2023 Exchangeable Notes
Initial conversion or exchange price	$	45.72	$	59.39	$	45.57	$	44.62
Closing stock price at date of issuance	$	33.35	$	47.51	$	35.05	$	36.45
Closing stock price date	June 24, 2013		March 5, 2014		February 27, 2017		July 20, 2018
Conversion or exchange rate (shares per $1,000 principal amount)	21.8718		16.8386		21.9467		22.4090
Conversion or exchange date	January 1, 2020		September 15, 2020		September 15, 2021		March 1, 2023

Balances of the Liability and Equity Components

The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes and Exchangeable Notes are listed below (in thousands, except percentages):



	2020 Convertible Notes			2021 Convertible Notes			2022 Convertible Notes			2023 Exchangeable Notes
Debt component	$	140,247		$	143,645		$	137,266		$	157,971
Equity component	$	32,253		$	17,355		$	12,734		$	14,009
Equity issuance cost	$	1,106		$	581		$	398		$	—
Stated interest rate	3.000		%	2.875		%	3.250		%	4.500		%
Effective interest rate	6.350		%	4.700		%	5.200		%	6.500		%

The balances of the liability and equity components of all the Convertible Notes and Exchangeable Notes outstanding were as follows (in thousands):



	December 31, 2018			December 31, 2017
Liability component—principal amount	$	656,000		$	483,500
Unamortized debt discount	(36,361		)	(32,720		)
Liability component—net carrying amount	$	619,639		$	450,780
Equity component	$	76,351		$	62,696

Interest Expense

Interest expense related to the Cabot senior secured notes was as follows (in thousands):



	Year ended December 31,
	2018		2017
Interest expense—stated coupon rate	$	84,772	$	93,691
Interest income—accretion of debt premium	—		(2,865		)
Interest expense—amortization of debt discount	343		467
Total interest expense—Cabot senior secured notes	$	85,115	$	91,293

Interest expense related to the Convertible Notes and Exchangeable Notes was as follows (in thousands):



	Year ended December 31,
	2018		2017
Interest expense—stated coupon rate	$	17,518	$	15,721
Interest expense—amortization of debt discount	10,888		9,871
Total interest expense—convertible notes	$	28,406	$	25,592

Summary of Debt Including Capital Lease Obligations Maturities

The aggregate amounts of the Company’s debt and capital lease obligations, maturing in each of the next five years and thereafter are as follows (in thousands):



2019	$	115,377
2020	285,758
2021	1,271,922
2022	231,558
2023	1,622,415
Thereafter	48,750
Total	$	3,575,780