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Debt (Tables) | 12 Months Ended
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Dec. 31, 2017
Debt Instrument [Line Items] |
Schedule of Obligation Under Borrowings | The components of the Company’s consolidated debt and capital lease obligations were as follows (in thousands):
| December 31, 2017 |  | December 31, 2016
Encore revolving credit facility | $ | 328,961 |  |  | $ | 578,000 |
Encore term loan facility | 181,687 |  |  | 164,615 |
Encore senior secured notes | 326,029 |  |  | 11,320 |
Encore convertible notes | 483,500 |  |  | 448,500 |
Less: debt discount | (32,720 | ) |  | (31,968 | )
Cabot senior secured notes | 1,216,485 |  |  | 1,280,241 |
Add: debt premium | — |  |  | 17,686 |
Less: debt discount | (1,927 | ) |  | (2,200 | )
Cabot senior revolving credit facility | 179,008 |  |  | 33,218 |
Cabot securitisation senior facility | 391,790 |  |  | — |
Preferred equity certificates | 253,324 |  |  | 205,975 |
Other credit facilities | 68,001 |  |  | 74,565 |
Other | 92,792 |  |  | 62,594 |
Capital lease obligations | 6,069 |  |  | 5,091 |
| 3,492,999 |  |  | 2,847,637 |
Less: debt issuance costs, net of amortization | (46,123 | ) |  | (41,654 | )
Total | $ | 3,446,876 |  |  | $ | 2,805,983 |
Convertible Debt, Features and Hedging | Prior to the close of business on the business day immediately preceding their respective conversion date (listed below), holders may convert their Convertible Notes under certain circumstances set forth in the applicable Convertible Notes indentures. On or after their respective conversion dates until the close of business on the scheduled trading day immediately preceding their respective maturity date, holders may convert their Convertible Notes at any time. Certain key terms related to the convertible features for each of the Convertible Notes as of year ended December 31, 2017 are listed below.
| 2020 Convertible Notes |  | 2021 Convertible Notes |  | 2022 Convertible Notes
Initial conversion price | $ | 45.72 |  |  | $ | 59.39 |  |  | $ | 45.57 |
Closing stock price at date of issuance | $ | 33.35 |  |  | $ | 47.51 |  |  | $ | 35.05 |
Closing stock price date | June 24, 2013 |  |  | March 5, 2014 |  |  | February 27, 2017 |
Conversion rate (shares per $1,000 principal amount) | 21.8718 |  |  | 16.8386 |  |  | 21.9467 |
Conversion date | January 1, 2020 |  |  | September 15, 2020 |  |  | September 15, 2021 |
The details of the hedge program for each of the Convertible Notes are listed below (in thousands, except conversion price):
| 2020 Convertible Notes |  | 2021 Convertible Notes
Cost of the hedge transaction(s) | $ | 18,113 |  |  | $ | 19,545 |
Initial conversion price | $ | 45.72 |  |  | $ | 59.39 |
Effective conversion price | $ | 61.55 |  |  | $ | 83.14 |
Balances of the Liability and Equity Components | The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the effective interest rate for each of the Convertible Notes are listed below (in thousands, except percentages):
| 2020 Convertible Notes |  | 2021 Convertible Notes |  | 2022 Convertible Notes
Debt component | $ | 140,247 |  |  | $ | 143,645 |  |  | $ | 137,266 |
Equity component | $ | 32,253 |  |  | $ | 17,355 |  |  | $ | 12,734 |
Equity issuance cost | $ | 1,106 |  |  | $ | 581 |  |  | $ | 398 |
Stated interest rate | 3.000 | % |  | 2.875 | % |  | 3.250 | %
Effective interest rate | 6.350 | % |  | 4.700 | % |  | 5.200 | %
The balances of the liability and equity components of all the Convertible Notes outstanding were as follows (in thousands):
| December 31, 2017 |  | December 31, 2016
Liability component—principal amount | $ | 483,500 |  |  | $ | 448,500 |
Unamortized debt discount | (32,720 | ) |  | (31,968 | )
Liability component—net carrying amount | $ | 450,780 |  |  | $ | 416,532 |
Equity component | $ | 62,696 |  |  | $ | 61,314 |
Summary of Debt Including Capital Lease Obligations Maturities | The aggregate amounts of the Company’s debt, including PECs, accrued interests on PECs, and capital lease obligations, maturing in each of the next five years and thereafter are as follows (in thousands):
2018 | $ | 35,249 |
2019 | 203,964 |
2020 | 417,434 |
2021 | 1,257,489 |
2022 | 757,042 |
Thereafter | 856,468 |
Total | $ | 3,527,646 |
Cabot Senior Secured Notes |
Debt Instrument [Line Items] |
Interest Expense | Interest expense related to the Cabot Notes, Cabot Floating Rate Notes, and Marlin Bonds was as follows (in thousands):
| Year ended December 31,
| 2017 |  | 2016
Interest expense—stated coupon rate | $ | 93,691 |  |  | $ | 105,606 |
Interest income—accretion of debt premium | (2,865 | ) |  | (8,951 | )
Interest expense—amortization of debt discount | 467 |  |  | 620 |
Total interest expense—Cabot senior secured notes | $ | 91,293 |  |  | $ | 97,275 |
Convertible Notes |
Debt Instrument [Line Items] |
Interest Expense | The debt discount is being amortized into interest expense over the remaining life of the convertible notes using the effective interest rates. Interest expense related to the convertible notes was as follows (in thousands):
| Year ended December 31,
| 2017 |  | 2016
Interest expense—stated coupon rate | $ | 15,721 |  |  | $ | 13,263 |
Interest expense—amortization of debt discount | 9,871 |  |  | 9,900 |
Total interest expense—convertible notes | $ | 25,592 |  |  | $ | 23,163 |

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