Press release
PRA Group Announces Expansion of European Credit Facility
NORFOLK, Va., March 31, 2020 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced
About this update from Pra Group, Inc.
[{"type":"text","content":"NORFOLK, Va., March 31, 2020 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that on March 27, 2020 it amended and expanded its European credit facility, increasing the committed facility by $200 million for a total European revolving credit facility of $1.3 billion. The amended facility extends the maturity of the facility to February 19, 2023 and includes an accordion feature to allow for future increases. \n\"I am excited to announce the expansion and extension of our European Credit Facility. This process started several months ago in order to capitalize on the opportunity in the European market. I am gratified that in the midst of this crisis, our European bank group had the confidence in us to keep this process on track. We appreciate their continued support and commitment to PRA Group,\" said Pete Graham, executive vice president and chief financial officer for PRA Group.\nAbout PRA GroupAs a global leader in acquiring and collecting nonperforming loans, PRA Group returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com. \nAbout Forward-Looking StatementsStatements made herein which are not historical in nature, including PRA Group's or its management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. \nThe forward-looking statements in this press release are based upon management's current beliefs, estimates, assumptions and expectations of PRA Group's future operations and financial and economic performance, taking into account currently available information. These statements are not statements of historical fact or guarantees of future performance, and there can be no assurance that anticipated events will transpire or that our expectations will prove to be correct. Forward-looking statements involve risks and uncertainties, some of which are not currently known to PRA Group. A...