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Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Consolidated Debt and Capital Lease Obligations | The components of the Company’s consolidated borrowings were as follows (in thousands):
| June 30, 2022 |  | December 31, 2021
Global senior secured revolving credit facility | $ | 546,612 |  |  | $ | 406,635 |
Encore private placement notes | 87,930 |  |  | 107,470 |
Senior secured notes | 1,471,371 |  |  | 1,613,739 |
Convertible notes and exchangeable notes | 272,500 |  |  | 422,500 |
Cabot securitisation senior facility | 426,108 |  |  | 473,443 |
Other | 29,992 |  |  | 24,889 |
Finance lease liabilities | 8,800 |  |  | 7,005 |
| 2,843,313 |  |  | 3,055,681 |
Less: debt discount and issuance costs, net of amortization | (50,304) |  |  | (58,350) |
Total | $ | 2,793,009 |  |  | $ | 2,997,331 |
Schedule of Notes | The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands):
| June 30, 2022 |  | December 31, 2021 |  | Maturity Date |  | Interest Payment Dates |  | Interest Rate
Encore 2025 Notes | $ | 366,824 |  |  | $ | 397,928 |  |  | Oct 15, 2025 |  | Apr 15, Oct 15 |  | 4.875 | %
Encore 2026 Notes | 365,235 |  |  | 405,808 |  |  | Feb 15, 2026 |  | Feb 15, Aug 15 |  | 5.375 | %
Encore 2028 Notes | 304,363 |  |  | 338,174 |  |  | Jun 1, 2028 |  | Jun 1, Dec 1 |  | 4.250 | %
Encore 2028 Floating Rate Notes | 434,949 |  |  | 471,829 |  |  | Jan 15, 2028 |  | Jan 15, Apr 15, Jul 15, Oct 15 |  | EURIBOR +4.250%(1)
| $ | 1,471,371 |  |  | $ | 1,613,739 |  |  |  |  |  |  |
_______________________ (1)Interest rate is based on three-month 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):
| June 30, 2022 |  | December 31, 2021 |  | Maturity Date |  | Interest Payment Dates |  | Interest Rate
2022 Convertible Notes | $ | — |  |  | $ | 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 | %
| $ | 272,500 |  |  | $ | 422,500 |  |  |  |  |  |  |
Schedule of Hedge Program for Convertible Notes | Certain key terms related to the convertible and exchangeable features as of June 30, 2022 are listed below ($ in thousands, except conversion or exchange price):
|  |  | 2023 Exchangeable Notes |  | 2025 Convertible Notes
Initial conversion or exchange price |  |  | $ | 44.62 |  |  | $ | 40.00 |
Closing stock price at date of issuance |  |  | $ | 36.45 |  |  | $ | 32.00 |
Closing stock price date |  |  | Jul 20, 2018 |  | Sep 4, 2019
Initial conversion or exchange rate (shares per $1,000 principal amount) |  |  | 22.4090 |  |  | 25.0000 |
Adjusted conversion or exchange rate (shares per $1,000 principal amount) |  |  | 22.5264 |  |  | 25.1310 |
Adjusted conversion or exchange price |  |  | $ | 44.39 |  |  | $ | 39.79 |
Adjusted effective conversion or exchange price(1) |  |  | $ | 62.13 |  |  | $ | 39.79 |
Excess of if-converted value compared to principal(2) |  |  | $ | 51,983 |  |  | $ | 45,182 |
Conversion or exchange date(3) |  |  | Mar 1, 2023 |  | Jul 1, 2025
_______________________ (1)As discussed above, the Company maintains a hedge program that increases the effective exchange price for the 2023 Exchangeable Notes to $62.13. (2)Represents the premium the Company would have to pay assuming the Convertible Notes and Exchangeable Notes were converted or exchanged on June 30, 2022 using a hypothetical conversion price based on the closing stock price on June 30, 2022. The premium of the 2023 Exchangeable Notes would have been reduced to zero with the existing hedge program. (3)During the quarter ending December 31, 2021, the closing price of the Company’s common stock exceeded 130% of the exchange price of the 2023 Exchangeable Notes and the conversion price of the 2025 Convertible Notes for more than 20 trading days during a 30 consecutive trading day period, thereby satisfying one of the early exchange or conversion events. As a result, the 2023 Exchangeable Notes and the 2025 Convertible Notes became exchangeable or convertible on demand on January 1, 2022.

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