Encore Capital Europe Finance Limited ("Encore Finance"), a 100% owned subsidiary of Encore Capital, intends to offer, subject to market and other conditions, $150,000,000 aggregate principal amount of its exchangeable senior notes due 2023 (the "notes") in an underwritten registered public offering. The notes will be senior, unsecured obligations of Encore Finance and will be fully and unconditionally guaranteed, on a senior, unsecured basis, by Encore Capital. In connection with this offering, Encore Finance expects to grant the underwriters a 30-day option to purchase up to an additional $22,500,000 aggregate principal amount of such notes solely to cover over-allotments on the same terms and conditions. The notes will be exchangeable, subject to satisfaction of certain conditions and during certain periods, into cash, shares of Encore Capital's common stock, or a combination of cash and shares of Encore Capital's common stock, at Encore Finance's election. Interest will be payable semiannually in arrears.