SAN DIEGO, Aug. 13, 2012 /PRNewswire/ -- Encore Capital Group, Inc. (NASDAQ: ECPG) (the "Company") today announced the closing of the previously announced underwritten public offering of 1,213,799 shares of its common stock by Red Mountain Capital Partners II, L.P. and Red Mountain Capital Partners III, L.P. (the "Selling Stockholders"), two of the Company's stockholders, at a price to the public of $28.50 per share. Each of the Selling Stockholders is a holding vehicle of Red Mountain Partners, L.P. The Company did not receive any proceeds from the sale of the shares by the Selling Stockholders.
Immediately after the closing, the Selling Stockholders owned, in the aggregate, 1,164,036 shares of common stock, or approximately 4.69% of the Company's outstanding shares. The Company's board of directors consists of eight members, two of whom, Messrs. Mesdag and Teets, are affiliated with the Selling Stockholders. Messrs. Mesdag and Teets have indicated that they intend to remain on the board following the conclusion of the offering.
The Selling Stockholders have been stockholders of the Company since April 2006.JMP Securities LLC acted as the sole book-running manager for the offering. The shares were sold pursuant to a prospectus supplement and accompanying prospectus as part of an effective shelf registration statement filed by the Company with the Securities and Exchange Commission (the "SEC"). Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. A copy of the prospectus supplement and accompanying prospectus for this offering may be obtained from the offices of JMP Securities LLC, Attention: Prospectus Department, 600 Montgomery Street, 10th Floor, San Francisco, California 94111, by email at firstname.lastname@example.org, or by phone at (415) 835-8985. Any offer or sale will be made only by means of the prospectus supplement and accompanying prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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