PRA Group Plans $400 Million Note Offering

By Hao Liu • Tuesday, September 29 13:01 • Permanent Link

PRA Group said it plans to raise $400 million through a private offering of senior notes due 2033.

The company said it intends to use the net proceeds, together with available cash, to repay about $400 million of borrowings under its North American revolving credit facility.

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 the company’s North American credit agreement.

The offering follows a period in which PRA Group is shifting roughly $400 million of debt from its revolving credit facility into longer-dated notes maturing in 2033. Following these announcements, the company's shares moved -2.91%, and are now trading at a price of $20.05. For more information, read the company's full 8-K submission here.

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