PRA Group Announces Pricing of Upsized Offering of $350.0 Million of 5.00% Senior Notes due 2029
September 17, 2021 at 04:05 pm EDT
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PRA Group, Inc. announced the pricing of its offering of $350.0 million aggregate principal amount of 5.00% Senior Notes due 2029 which was upsized by $50.0 million from the previously announced $300.0 million, in a private transaction that is exempt from the registration requirements of the Securities Act of 1933, as amended. The offering of the notes is expected to close on or about September 22, 2021, subject to the satisfaction of customary closing conditions. The notes will be guaranteed on a senior unsecured basis by each of PRA Group's existing and future domestic subsidiaries that is a borrower or guarantor under PRA Group's North American Credit Agreement. PRA Group intends to use the net proceeds from the offering of the notes to repay approximately $345.5 million of outstanding revolving borrowings under its North American Credit Agreement (but such prepayment will not reduce the revolving borrowing commitment amount, and the prepaid amount will be available for re-borrowing subject to customary conditions). The notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain persons outside of the United States pursuant to Regulation S under the Securities Act.
PRA Group, Inc. is a financial and business services company with operations based primarily in the Americas and Europe and Australia. The Companyâs primary business is the purchase, collection and management of portfolios of nonperforming loans. The accounts it purchases are primarily the unpaid obligations of individuals owed to credit originators. It purchases portfolios of nonperforming loans at a discount in two categories: Core and Insolvency. Core operation specializes in purchasing and collecting nonperforming loans, which it purchases since the credit originators have chosen not to pursue, or have been unsuccessful in, collecting the full balance owed. Insolvency operation consists primarily of purchasing and collecting nonperforming loans where the customer is involved in a bankruptcy proceeding, or the equivalent thereof, in certain European countries. It also provides fee-based services on class action claims recoveries in the United States.
PRA GROUP, INC. 
