Convertibles Calendar: TPI Composites, Encore Capital on tap

Feb. 28

TPI COMPOSITES INC.

• $100 million five-year convertible notes

• $15 million greenshoe

• Coupon of 5% to 5.5% and initial conversion premium of 27.5% to 32.5%

• Non-callable until March 20, 2026 and then subject to a 130% hurdle

• Rule 144A

• Morgan Stanley & Co. LLC

• Proceeds to cover the cost of the call spread, to fund eligible green projects and for general corporate purposes, which may include the repayment of debt

• Scottsdale, Ariz.-based wind-blade manufacturer

ENCORE CAPITAL GROUP INC.

• $175 million six-year convertible notes

• $26.25 million greenshoe

• Coupon of 3.75% to 4.25% and initial conversion premium of 25% to 30%

• Non-callable until March 20, 2026 and then subject to a 130% hurdle

• Rule 144A

• Morgan Stanley & Co. LLC, Truist Securities Inc. and Credit Suisse Securities (USA) LLC

• Proceeds to cover the cost of the call spread, to repurchase a portion of Encore Capital Europe Finance Ltd.’s 4.5% exchangeable senior notes due 2023, to repurchase shares of common stock in privately negotiated transactions and for general corporate purposes, which may include the repurchase or repayment of outstanding debt, including its global senior credit facility, remaining 4.5% exchangeable notes and 3.25% convertible notes due 2025

• San Diego-based specialty finance company

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