PRA Group Announces $400M Senior Notes Offering

PRA Group, Inc. (NASDAQ: PRAA), a company specializing in acquiring and collecting nonperforming loans, has announced its plans to offer $400.0 million aggregate principal amount of senior notes due 2030. The company intends to use the net proceeds from the offering to repay around $396.0 million of its outstanding borrowings under its North American revolving credit facility.

The offering of notes is being made to qualified institutional buyers and certain persons outside of the United States, with the intention to subsequently redeem $298.0 million of 7.375% senior notes due 2025 and to pay any accrued and unpaid interest.

PRA Group, Inc. is a global leader in acquiring and collecting nonperforming loans, operating in the Americas, Europe, and Australia. The company collaborates with customers to help them resolve their debt, and with thousands of employees worldwide, it focuses on returning capital to banks and other creditors to help expand financial services for consumers. Following these announcements, the company's shares moved -0.9%, and are now trading at a price of $25.3. For more information, read the company's full 8-K submission here.

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