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Borrowings (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Consolidated Debt and Capital Lease Obligations The components of the Company’s consolidated borrowings were as follows (in thousands):
September 30,
2022		December 31,
2021
Global senior secured revolving credit facility$596,584 $406,635 
Encore private placement notes78,160 107,470 
Senior secured notes1,364,135 1,613,739 
Convertible notes and exchangeable notes272,500 422,500 
Cabot securitisation senior facility390,979 473,443 
Other26,524 24,889 
Finance lease liabilities6,774 7,005 
2,735,656 3,055,681 
Less: debt discount and issuance costs, net of amortization(45,436)(58,350)
Total$2,690,220 $2,997,331 
Schedule of Notes
The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):
September 30,
2022		December 31,
2021		Maturity DateInterest Payment DatesInterest Rate
Encore 2025 Notes$343,018 $397,928 Oct 15, 2025Apr 15, Oct 154.875 %
Encore 2026 Notes335,125 405,808 Feb 15, 2026Feb 15, Aug 155.375 %
Encore 2028 Notes279,271 338,174 Jun 1, 2028Jun 1, Dec 14.250 %
Encore 2028 Floating Rate Notes
406,721 471,829 Jan 15, 2028Jan 15, Apr 15, Jul 15, Oct 15
EURIBOR +4.250%(1)
$1,364,135 $1,613,739 
_______________________
(1)Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.
The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands):
September 30,
2022		December 31,
2021		Maturity DateInterest Payment DatesInterest Rate
2022 Convertible Notes$— $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 %
$272,500 $422,500 
Schedule of Hedge Program for Convertible Notes Certain key terms related to the convertible and exchangeable features as of September 30, 2022 are listed below ($ in thousands, except conversion or exchange price):
2023 Exchangeable Notes2025 Convertible Notes
Initial conversion or exchange price$44.62 $40.00 
Closing stock price at date of issuance$36.45 $32.00 
Closing stock price dateJul 20, 2018Sep 4, 2019
Initial conversion or exchange rate (shares per $1,000 principal amount)22.4090 25.0000 
Adjusted conversion or exchange rate (shares per $1,000 principal amount)22.5264 25.1310 
Adjusted conversion or exchange price$44.39 $39.79 
Adjusted effective conversion or exchange price(1)
$62.13 $39.79 
Excess of if-converted value compared to principal(2)
$4,226 $14,296 
Conversion or exchange date(3)
Mar 1, 2023Jul 1, 2025
_______________________
(1)As discussed above, the Company maintains a hedge program that increases the effective exchange price for the 2023 Exchangeable Notes to $62.13.
(2)Represents the premium the Company would have to pay assuming the Convertible Notes and Exchangeable Notes were converted or exchanged on September 30, 2022 using a hypothetical share price based on the closing stock price on September 30, 2022. The premium of the 2023 Exchangeable Notes would have been reduced to zero with the existing hedge program.
(3)During the quarter ending December 31, 2021, the closing price of the Company’s common stock exceeded 130% of the exchange price of the 2023 Exchangeable Notes and the conversion price of the 2025 Convertible Notes for more than 20 trading days during a 30 consecutive trading day period, thereby satisfying one of the early exchange or conversion events. As a result, the 2023 Exchangeable Notes and the 2025 Convertible Notes became exchangeable or convertible on demand on January 1, 2022.