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ECPG > SEC Filings for ECPG > Form 8-K on 2-Jan-2014All Recent SEC Filings

Show all filings for ENCORE CAPITAL GROUP INC



Entry into a Material Definitive Agreement, Creation of a Direct Financi

Item 1.01 Entry into a Material Definitive Agreement.

On December 27, 2013, Propel Financial Services, LLC, a Texas limited liability company ("Propel") and wholly owned subsidiary of Encore Capital Group, Inc., entered into Amendment No. 2 (the "Amendment") to the Credit Facility Loan Agreement dated as of May 8, 2012, as amended (the "Loan Agreement"), by and among Propel, the financial institutions listed on the signature pages to the Amendment, and Texas Capital Bank, National Association, a national banking association, as administrative agent under the Loan Agreement. The Loan Agreement provided for a syndicated loan facility of $160 million and an accordion feature allowing Propel to request an increase to the facility of $40.0 million. The Amendment exercises the existing accordion feature, increasing the syndicated loan facility from $160 million to $200 million, and amends certain other provisions.

The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amendment, a copy of which is filed as Exhibit 10.1 to this report and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-balance Sheet Arrangement of a Registrant.

The information provided above under Item 1.01 is hereby incorporated in this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Number       Description

10.1         Amendment No. 2, dated December 27, 2013, to the Credit Facility Loan
             Agreement, dated May 8, 2012, by and among Propel Financial Services,
             LLC, certain banks and Texas Capital Bank, National Association, as
             administrative agent.

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