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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Consolidated Debt and Capital Lease Obligations The components of the Company’s consolidated borrowings were as follows (in thousands):
June 30,
2021		December 31,
2020
Global senior secured revolving credit facility$330,318 $481,007 
Encore private placement notes127,060 146,550 
Senior secured notes1,667,865 1,651,619 
Convertible notes and exchangeable notes422,500 583,500 
Cabot securitisation senior facility484,078 478,131 
Other22,992 24,398 
Finance lease liabilities8,951 8,288 
3,063,764 3,373,493 
Less: debt discount and issuance costs, net of amortization(64,468)(91,859)
Total$2,999,296 $3,281,634 
Schedule of Notes
The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):
June 30,
2021		December 31,
2020		Maturity DateInterest Payment DatesInterest Rate
Cabot 2023 Notes$— $309,034 Oct 1, 2023Apr 1, Oct 17.500 %
Encore 2025 Notes415,046 426,752 Oct 15, 2025Apr 15, Oct 154.875 %
Encore 2026 Notes414,924 409,827 Feb 15, 2026Feb 15, Aug 155.375 %
Encore 2028 Notes345,770 — Jun 1, 2028Jun 1, Dec 14.250 %
Encore 2028 Floating Rate Notes
492,125 506,006 Jan 15, 2028Jan 15, Apr 15, Jul 15, Oct 15
EURIBOR +4.250%(1)
$1,667,865 $1,651,619 
_______________________
(1)Interest rate is based on a three-months EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.
The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands):
June 30,
2021		December 31,
2020		Maturity DateInterest Payment DatesInterest Rate
2021 Convertible Notes(1)
$— $161,000 Mar 15, 2021Mar 15, Sep 152.875 %
2022 Convertible Notes150,000 150,000 Mar 15, 2022Mar 15, Sep 153.250 %
2023 Exchangeable Notes172,500 172,500 Sep 1, 2023Mar 1, Sep 14.500 %
2025 Convertible Notes100,000 100,000 Oct 1, 2025Apr 1, Oct 13.250 %
$422,500 $583,500 
_______________________
(1)The 2021 Convertible Notes matured on March 15, 2021 and the Company repaid the outstanding principal in cash.
Schedule of Hedge Program for Convertible Notes Certain key terms related to the convertible and exchangeable features as of June 30, 2021 are listed below:
2022 Convertible Notes2023 Exchangeable Notes2025 Convertible Notes
Initial conversion or exchange price$45.57 $44.62 $40.00 
Closing stock price at date of issuance$35.05 $36.45 $32.00 
Closing stock price dateFeb 27, 2017Jul 20, 2018Sep 4, 2019
Conversion or exchange rate (shares per $1,000 principal amount)21.9467 22.4090 25.0000 
Free conversion or exchange dateSep 15, 2021Mar 1, 2023Jul 1, 2025
Stated interest rate3.250 %4.500 %3.250 %
The details of the hedge program are listed below (in thousands, except conversion or exchange price):
2023 Exchangeable Notes
Cost of the hedge transaction(s)$17,785 
Initial exchange price$44.62 
Effective exchange price$62.48 
Schedule of Interest Expense
Interest expense related to the Convertible Notes and Exchangeable Notes during the periods presented was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Interest expense—stated coupon rate$3,972 $5,799 $8,895 $11,598 
Interest expense—amortization of debt discount— 3,095 — 6,139 
Interest expense—Convertible Notes and Exchangeable Notes$3,972 $8,894 $8,895 $17,737