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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Consolidated Debt and Capital Lease Obligations | The components of the Company’s consolidated borrowings were as follows (in thousands):
| March 31, 2021 |  | December 31, 2020
Global senior secured revolving credit facility | $ | 520,505 |  |  | $ | 481,007 |
Encore private placement notes | 136,780 |  |  | 146,550 |
Senior secured notes | 1,622,407 |  |  | 1,651,619 |
Convertible notes and exchangeable notes | 422,500 |  |  | 583,500 |
Cabot securitisation senior facility | 482,377 |  |  | 478,131 |
Other | 24,921 |  |  | 24,398 |
Finance lease liabilities | 9,953 |  |  | 8,288 |
| 3,219,443 |  |  | 3,373,493 |
Less: debt discount and issuance costs, net of amortization | (67,515) |  |  | (91,859) |
Total | $ | 3,151,928 |  |  | $ | 3,281,634 |
Schedule of Notes | The following table provides a summary of the Senior Secured Notes ($ in thousands):
| March 31, 2021 |  | December 31, 2020 |  | Maturity Date |  | Interest Payment Dates |  | Interest Rate
Cabot 2023 Notes | $ | 311,779 |  |  | $ | 309,034 |  |  | Oct 1, 2023 |  | Apr 1, Oct 1 |  | 7.500 | %
Encore 2025 Notes | 410,466 |  |  | 426,752 |  |  | Oct 15, 2025 |  | Apr 15, Oct 15 |  | 4.875 | %
Encore 2026 Notes | 413,466 |  |  | 409,827 |  |  | Feb 15, 2026 |  | Feb 15, Aug 15 |  | 5.375 | %
Encore 2028 Floating Rate Notes | 486,696 |  |  | 506,006 |  |  | Jan 15, 2028 |  | Jan 15, Apr 15, Jul 15, Oct 15 |  | EURIBOR +4.250%(1)
| $ | 1,622,407 |  |  | $ | 1,651,619 |  |  |  |  |  |  |
_______________________ (1)Interest rate is based on a three-months EURIBOR (subject to a 0% floor) plus 4.250% per annum, resets quarterly. The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible and exchangeable senior notes (the “Convertible Notes” or “Exchangeable Notes,” as applicable) ($ in thousands):
| March 31, 2021 |  | December 31, 2020 |  | Maturity Date |  | Interest Payment Dates |  | Interest Rate
2021 Convertible Notes(1) | $ | — |  |  | $ | 161,000 |  |  | Mar 15, 2021 |  | Mar 15, Sep 15 |  | 2.875 | %
2022 Convertible Notes | 150,000 |  |  | 150,000 |  |  | Mar 15, 2022 |  | Mar 15, Sep 15 |  | 3.250 | %
2023 Exchangeable Notes | 172,500 |  |  | 172,500 |  |  | Sep 1, 2023 |  | Mar 1, Sep 1 |  | 4.500 | %
2025 Convertible Notes | 100,000 |  |  | 100,000 |  |  | Oct 1, 2025 |  | Apr 1, Oct 1 |  | 3.250 | %
| $ | 422,500 |  |  | $ | 583,500 |  |  |  |  |  |  |
_______________________ (1)The 2021 Convertible Notes matured on March 15, 2021 and the Company repaid the outstanding principal in cash.
Schedule of Hedge Program for Convertible Notes | Certain key terms related to the convertible and exchangeable features as of March 31, 2021 are listed below:
|  |  | 2022 Convertible Notes |  | 2023 Exchangeable Notes |  | 2025 Convertible Notes
Initial conversion or exchange price |  |  | $ | 45.57 |  |  | $ | 44.62 |  |  | $ | 40.00 |
Closing stock price at date of issuance |  |  | $ | 35.05 |  |  | $ | 36.45 |  |  | $ | 32.00 |
Closing stock price date |  |  | Feb 27, 2017 |  | Jul 20, 2018 |  | Sep 4, 2019
Conversion or exchange rate (shares per $1,000 principal amount) |  |  | 21.9467 |  |  | 22.4090 |  |  | 25.0000 |
Free conversion or exchange date |  |  | Sep 15, 2021 |  | Mar 1, 2023 |  | Jul 1, 2025
Stated interest rate |  |  | 3.250 | % |  | 4.500 | % |  | 3.250 | %
The details of the hedge program are listed below (in thousands, except conversion or exchange price):
|  |  | 2023 Exchangeable Notes
Cost of the hedge transaction(s) |  |  | $ | 17,785 |
Initial exchange price |  |  | $ | 44.62 |
Effective exchange price |  |  | $ | 62.48 |
Schedule of Interest Expense | Interest expense related to the Convertible Notes and Exchangeable Notes during the periods presented was as follows (in thousands):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Interest expense—stated coupon rate | $ | 4,923 |  |  | $ | 5,799 |  |  |  |  |
Interest expense—amortization of debt discount | — |  |  | 3,044 |  |  |  |  |
Interest expense—Convertible Notes and Exchangeable Notes | $ | 4,923 |  |  | $ | 8,843 |  |  |  |  |

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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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