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Borrowings (Tables)
12 Months Ended
Dec. 31, 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):
December 31,
2022
December 31,
2021
Global senior secured revolving credit facility$661,738 $406,635 
Encore private placement notes68,390 107,470 
Senior secured notes1,485,888 1,613,739 
Convertible notes and exchangeable notes272,500 422,500 
Cabot securitisation senior facility423,522 473,443 
Other23,512 24,889 
Finance lease liabilities5,675 7,005 
2,941,225 3,055,681 
Less: debt discount and issuance costs, net of amortization(42,404)(58,350)
Total$2,898,821 $2,997,331 
Schedule of Notes
The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):
December 31, 2022December 31, 2021Issue CurrencyMaturity DateInterest Payment DatesInterest Rate
Encore 2025 Notes$375,325 $397,928 EUROct 15, 2025Apr 15, Oct 154.875 %
Encore 2026 Notes363,019 405,808 GBPFeb 15, 2026Feb 15, Aug 155.375 %
Encore 2028 Notes302,516 338,174 GBPJun 1, 2028Jun 1, Dec 14.250 %
Encore 2028 Floating Rate Notes445,028 471,829 EURJan 15, 2028Jan 15, Apr 15, Jul 15, Oct 15
EURIBOR +4.250%(1)
$1,485,888 $1,613,739 
______________________
(1) Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.
The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands):
December 31, 2022December 31, 2021Maturity DateInterest Rate
2022 Convertible Notes$— $150,000 Mar 15, 20223.250 %
2023 Exchangeable Notes172,500 172,500 Sep 1, 20234.500 %
2025 Convertible Notes100,000 100,000 Oct 1, 20253.250 %
$272,500 $422,500 
Schedule of Hedge Program for Convertible Notes
Certain key terms related to the convertible and exchangeable features as of December 31, 2022 are listed below ($ 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(1)
$44.39 $39.79 
Adjusted effective conversion or exchange price(2)
$62.13 $39.79 
Excess of if-converted value compared to principal(3)
$13,785 $20,478 
Conversion or exchange dateMar 1, 2023Jul 1, 2025
_______________________
(1)Pursuant to the indentures for the Company’s Convertible Notes and Exchangeable Notes, the conversion and exchange rates were adjusted upon the completion of the Company’s tender offer in December 2021.
(2)The Company maintains a hedge program that increases the effective exchange price for the 2023 Exchangeable Notes to $62.13.
(3)Represents the premium the Company would have to pay assuming the Convertible Notes and Exchangeable Notes were converted or exchanged on December 31, 2022 using a hypothetical share price based on the closing stock price on December 31, 2022. The premium of the 2023 Exchangeable Notes would have been reduced to zero with the existing hedge program.
Schedule of Interest Expense Interest expense related to the Convertible Notes and Exchangeable Notes was as follows during the periods presented (in thousands):
Year ended December 31,
202220212020
Interest expense—stated coupon rate$12,001 $16,839 $21,857 
Interest expense—amortization of debt discount— — 10,945 
Interest expense—Convertible Notes and Exchangeable Notes$12,001 $16,839 $32,802 
Summary of Debt Including Capital Lease Obligations Maturities The aggregate amounts of the Company’s borrowings, including finance lease liabilities, maturing in each of the next five years and thereafter are as follows (in thousands):
2023$224,828 
202438,931 
2025480,801 
20261,448,865 
2027256 
Thereafter747,544 
Total$2,941,225