Davis Polk advised Morgan Stanley & Co. LLC, Barclays Capital Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint book-running managers on a Rule 144A offering by Encore Capital Group, Inc. of $100 million aggregate principal amount of its 3% convertible senior notes due 2017.

In addition, Davis Polk advised Deutsche Bank AG, London Branch, Royal Bank of Canada, and Société Générale as counterparties to convertible note hedge and warrant transactions with Encore in connection with the convertible senior notes offering.

Headquartered in San Diego, California, Encore is a leader in consumer debt buying and recovery. Encore purchases portfolios of defaulted consumer receivables at a discount and use a variety of operational channels to maximize collections.

The Davis Polk corporate team included partner Alan F. Denenberg and associates Jeffrey Gould, Danielle Moore Burton and Paul Weitzel. The equity derivatives team included partner John M. Brandow and associate Charles L. Nail. Partner Rachel D. Kleinberg provided tax advice. Kimberly Kakade and Cassandra Aguirre were the legal assistants on this transaction. Members of the Davis Polk team are based in the Menlo Park and New York offices.



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