Encore Capital Group (ECPG) said Monday that it plans to raise $550 million through a private offering of senior secured notes due 2032, subject to market conditions.

The notes will be backed by most of the company's assets and guaranteed by key subsidiaries, Encore said. Pricing and interest rate will be fixed at the time of the offering, it added.

The company said it plans to use the proceeds, along with borrowings under its revolving credit facility, to refinance existing debt. This includes redeeming its $500 million 9.25% notes due 2029 and partially repaying 200 million euros of its 415 million euros floating-rate notes due 2028, it said.