Recent Updates — PRAA
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.
PRA Group, Inc. priced a private offering of $400.0 million aggregate principal amount of 8.500% senior notes due in 2033 on September 29, 2026. The transaction is exempt from registration under the Securities Act and was offered to qualified institutional buyers under Rule 144A and investors outside the U.S. under Regulation S. Closing is expected around October 2, 2026, subject to customary conditions. The notes are guaranteed on a senior unsecured basis by existing and future domestic subsidiaries that borrow or guarantee under the company's North American Credit Agreement. PRA Group intends to use the net proceeds along with available cash to repay approximately $400.0 million of outstanding borrowings under its North American revolving credit facility. PRA Group, Inc. is a global leader in acquiring and collecting nonperforming loans.
PRA Group announced on September 29, 2026, its intent to offer $400.0 million in aggregate principal amount of senior notes due 2033 via a private transaction exempt from registration under the Securities Act of 1933. The offering is restricted to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S. Proceeds will be used to repay approximately $400.0 million of outstanding borrowings under its North American revolving credit facility, with guarantees provided by existing and future domestic subsidiaries. PRA Group operates in the financial services industry, specializing in acquiring and collecting nonperforming loans.
On September 21, 2026, Owen James, President of PRA Group Europe for PRA Group, Inc., notified the Company of his intent to retire from his role effective December 31, 2026. He will serve in an advisory capacity until March 31, 2027, to support a transition. This executive departure is material as it involves a key regional leader. PRA Group, Inc. operates in the consumer finance industry, specializing in purchasing and servicing non-performing loans.
PRA Group, Inc. reported second quarter 2026 results featuring net income of $58 million and diluted earnings per share of $1.51. Total cash collections rose 4% to $559 million, while estimated remaining collections increased 7% to $8.9 billion following a comprehensive European portfolio review that added approximately $349 million to European ERC. Adjusted EBITDA grew 10% to $1.4 billion and the company purchased $297 million in nonperforming loan portfolios. Concurrently, the Board of Directors authorized a new share repurchase program allowing for up to $150 million in buybacks. PRA Group operates in the debt collection industry, specializing in acquiring and collecting nonperforming loans.
At its 2026 Annual Meeting of Stockholders held on June 16, 2026, PRA Group, Inc. stockholders approved an amendment to the 2022 Omnibus Incentive Plan to increase the share limit by 3,500,000 shares of common stock. Additionally, shareholders elected nine directors to serve until the 2027 Annual Meeting, ratified the appointment of Ernst & Young LLP as the independent auditor, and approved the advisory Say-on-Pay compensation proposal. PRA Group, Inc. is an insurance company.