PRA Group Prices $400M Senior Notes at 8.500%

By Bobby Samwell • Wednesday, September 30 01:44 • Permanent Link

PRA Group priced a $400 million senior notes offering due 2033 at 8.500%, with the financing expected to close on or about Oct. 2, 2026.

The company said it plans to use the net proceeds, along with available cash, to repay about $400 million of borrowings under its North American revolving credit facility. The notes will be senior unsecured and guaranteed by the company’s existing and future domestic subsidiaries that are borrowers or guarantors under its North American credit agreement.

The move replaces a roughly equivalent amount of revolving credit debt with longer-dated notes, shifting $400 million from the revolving facility into 2033 maturities at a fixed 8.500% coupon. The market has reacted to these announcements by moving the company's shares -2.91% to a price of $20.05. If you want to know more, read the company's complete 8-K report here.

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