Davis Polk advised Morgan Stanley & Co. LLC, Barclays Capital Inc. and Deutsche Bank Securities Inc. as joint book-running managers on a Rule 144A offering by Encore Capital Group, Inc. of $161 million aggregate principal amount of its 2.875% convertible senior notes due 2021, which included $21 million aggregate principal amount sold pursuant to the initial purchasers’ fully exercised option to purchase additional notes. 

In addition, Davis Polk advised Citibank, N.A., Credit Suisse International, Morgan Stanley & Co. LLC and Société Générale as counterparties to capped call transactions entered into in connection with the convertible senior notes offering.

Headquartered in San Diego, California, Encore is a leading provider of debt management and recovery solutions for consumers and property owners across a broad range of financial assets. 

The Davis Polk corporate team included partner Alan F. Denenberg, counsel Jeffrey Gould and associate Brian J. Smith. The equity derivatives team included partner John M. Brandow and associate Robert Stewart. The tax team included partner Rachel D. Kleinberg and associate Catherine Paskoff Chang. Members of the Davis Polk team are based in the Menlo Park and New York offices.