Financing ·
PRA Group completes $400M offering of 8.5% Senior Notes due 2033
PRAAPra Group Inc
PRA Group, Inc. completed the private placement of $400 million aggregate principal amount of 8.500% Senior Notes due October 15, 2033. The notes accrue interest semiannually on April 15 and October 15, commencing in April 2027. They are guaranteed by the company's domestic restricted subsidiaries and include standard covenants limiting additional indebtedness, liens, and mergers. PRA Group intends to use the net proceeds to repay approximately $400 million of outstanding borrowings under its North American revolving credit facility. The company operates in the consumer debt collection and recovery industry.