XML 46 R32.htm IDEA: XBRL DOCUMENT v3.24.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
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,
2023		December 31,
2022
Global senior secured revolving credit facility$816,880 $661,738 
Encore private placement notes29,310 68,390 
Senior secured notes1,654,989 1,485,888 
Convertible notes and exchangeable notes330,000 272,500 
Cabot securitisation senior facility324,646 423,522 
U.S. facility
175,000 — 
Other24,904 23,512 
Finance lease liabilities2,818 5,675 
3,358,547 2,941,225 
Less: debt discount and issuance costs, net of amortization(40,516)(42,404)
Total$3,318,031 $2,898,821 
Schedule of Notes
The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):
December 31, 2023December 31, 2022Issue CurrencyMaturity DateInterest Payment DatesInterest Rate
Encore 2025 Notes$386,324 $375,325 EUROct 15, 2025Apr 15, Oct 154.875 %
Encore 2026 Notes381,937 363,019 GBPFeb 15, 2026Feb 15, Aug 155.375 %
Encore 2028 Notes318,280 302,516 GBPJun 1, 2028Jun 1, Dec 14.250 %
Encore 2028 Floating Rate Notes568,448 445,028 EURJan 15, 2028Jan 15, Apr 15, Jul 15, Oct 15
EURIBOR +4.250%(1)
$1,654,989 $1,485,888 
______________________
(1) Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly.
The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands):
December 31, 2023December 31, 2022Maturity Date
Interest Payment Dates
Interest Rate
2023 Exchangeable Notes$— $172,500 Sep 1, 2023Mar 1, Sep 14.500 %
2025 Convertible Notes100,000 100,000 Oct 1, 2025Apr 1, Oct 13.250 %
2029 Convertible Notes
230,000 — Mar 15, 2029Mar 15, Sep 154.000 %
$330,000 $272,500 
Schedule of Hedge Program for Convertible Notes
Certain key terms related to the convertible features as of December 31, 2023 are listed below ($ in thousands, except conversion or exchange price):
2025 Convertible Notes2029 Convertible Notes
Initial conversion price
$40.00 $65.89 
Closing stock price at date of issuance$32.00 $51.68 
Closing stock price dateSep 4, 2019Feb 28, 2023
Initial conversion rate (shares per $1,000 principal amount)
25.0000 15.1763 
Adjusted conversion rate (shares per $1,000 principal amount)
25.1310 15.1763 
Adjusted conversion price(1)
$39.79 $65.89 
Adjusted effective conversion price(2)
$39.79 $82.69 
Excess of if-converted value compared to principal(3)
$27,540 $— 
Conversion date
Jul 1, 2025Dec 15, 2028
______________________
(1)Pursuant to the indenture for the Company’s 2025 Convertible Notes, the conversion rate for the 2025 Convertible Notes was adjusted upon the completion of the Company’s tender offer in December 2021.
(2)As discussed above, the Company maintains a hedge program that increases the effective conversion price for the 2029 Convertible Notes to $82.69.
(3)Represents the premium the Company would have to pay assuming the Convertible Notes were converted on December 31, 2023 using a hypothetical share price based on the closing stock price on December 31, 2023.
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):
2024$41,363 
2025494,333 
2026560,887 
2027819,319 
20281,211,374 
Thereafter231,271 
Total$3,358,547