| Schedule of Consolidated Debt and Capital Lease Obligations |
The components of the Company’s consolidated borrowings were as follows (in thousands): | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | Global senior secured revolving credit facility | $ | 691,648 | | | $ | 631,998 | | | | | | | | | | | | | | | Senior secured notes | 2,452,757 | | | 2,324,335 | | Convertible senior notes | 230,000 | | | 230,000 | | | | | | | Cabot securitisation senior facility | 338,157 | | | 343,539 | | U.S. facility | 450,000 | | | 450,000 | | | Other | 50,369 | | | 52,926 | | | Finance lease liabilities | 448 | | | 596 | | | 4,213,379 | | | 4,033,394 | | | Less: debt discount and issuance costs, net of amortization | (33,864) | | | (32,101) | | | Total | $ | 4,179,515 | | | $ | 4,001,293 | |
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| Schedule of Senior Secured & Convertible Notes |
The following table provides a summary of the Company’s senior secured notes (the “Senior Secured Notes”) ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | Issue
Currency | | Maturity Date | | Interest Payment Dates | | Interest Rate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Encore 2028 Notes | $ | 331,526 | | | $ | 336,803 | | | GBP | | Jun 1, 2028 | | Jun 1, Dec 1 | | 4.250 | % | Encore 2028 Floating Rate Notes | — | | | 487,532 | | | EUR | | Jan 15, 2028 | | Jan 15, Apr 15, Jul 15, Oct 15 | | EURIBOR +4.250%(1) | Encore 2029 Notes | — | | | 500,000 | | | USD | | Apr 1, 2029 | | Apr 1, Oct 1 | | 9.250 | % | Encore 2030 Notes | 500,000 | | | 500,000 | | | USD | | May 15, 2030 | | May 15, Nov 15 | | 8.500 | % | Encore 2031 Notes | 500,000 | | | 500,000 | | | USD | | Apr 15, 2031 | | Apr 15, Oct 15 | | 6.625 | % | | Encore 2032 Notes | 750,000 | | | — | | | USD | | Jun 1, 2032 | | Jun 1, Dec 1 | | 6.625 | % | | Encore 2033 Floating Rate Notes | 371,231 | | | — | | | EUR | | Jul 15, 2033 | | Jan 15, Apr 15, Jul 15, Oct 15 | | EURIBOR +3.250%(2) | | $ | 2,452,757 | | | $ | 2,324,335 | | | | | | | | | |
_______________________(1)Interest rate was based on three-month EURIBOR (subject to a 0% floor) plus 4.250% per annum, that reset quarterly. (2)Interest rate is based on three-month EURIBOR (subject to a 0% floor) plus 3.250% per annum, resets quarterly. The following table provides a summary of the principal balance, maturity date and interest rate for the Company’s convertible senior notes (the “Convertible Notes”) ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | Maturity Date | | Interest Payment Dates | | Interest Rate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2029 Convertible Notes | $ | 230,000 | | | $ | 230,000 | | | Mar 15, 2029 | | Mar 15, Sep 15 | | 4.000 | % | | | | | | | | | | |
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| Schedule of Hedge Program for Convertible Notes |
Certain key terms related to the convertible features as of June 30, 2026 are listed below ($ in thousands, except conversion price): | | | | | | | | | | | 2029 Convertible Notes | Initial conversion price | | | $ | 65.89 | | | Closing stock price at date of issuance | | | $ | 51.68 | | | Closing stock price date | | | Feb 28, 2023 | Initial conversion rate (shares per $1,000 principal amount) | | | 15.1763 | | | | | | | | | | Effective conversion price(1) | | | $ | 82.69 | | Excess of if-converted value compared to principal(2) | | | $ | 95,633 | | Free conversion date | | | Dec 15, 2028 |
_______________________ (1)As discussed above, the Company maintains a hedge program that increases the effective conversion price for the 2029 Convertible Notes to $82.69. (2)Represents the premium the Company would have to pay assuming the Convertible Notes were converted on June 30, 2026 using a hypothetical share price based on the closing stock price on June 30, 2026.
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